To avoid 6% commission+ currency conversion cut on paypal, i sold 2 lakh worth of goods to european buyer by using crypto as currency and coverted cryto to inr right away in unocoin exchange.
My auditor who is new to crypto told me there is no clear information on crypto and cyrpto is not seen as currency in india, and i did not spend money on receiving this crypto, so it will be seen as gift and i may have to pay 30% as tax.
can anyone confirm this?
also does crypto comes under tax slab?
if i knew that i will loose 30% as tax i would have just used paypal.