As part of our ongoing commitment to transparency and enhancing user satisfaction, we have some important updates to share regarding changes to our fee structure.
Effective Date: December 1st, 2023
To streamline and simplify our fee system for your convenience, we will be implementing a change to our tax structure. Currently, all fees are inclusive of applicable Goods and Services Tax (GST). However, starting December 1st, 2023, the GST will be separated from the fees.
What to Expect:
Following this change, fees associated with trades, crypto withdrawals, fiat deposits and withdrawals, CryptoPacks Buy and Sell, and other applicable features will be exclusive of GST.
Please note that all open orders existing at the time of a scheduled downtime will be cancelled.
Frequently Asked Questions
What is the GST%?
GST stands for Goods and Services Tax. It is a consumption tax that is levied on the supply of goods and services. The main objective of GST is to create a unified and streamlined tax system, reducing the cascading effect of taxes on the prices of goods and services.
How much is GST?
GST is applied to service charges/fees, such as deposit fees and it varies based on your country of registration. For example, Indian users may be subject to an 18% GST on the fees charged.
If a user deposits Rs. 100 and a deposit fee of Rs. 12 is levied, GST at 18% on this Rs. 12 is calculated and subsequently deducted, with the resulting amount remitted to tax authorities. To break it down, the total charge would be Rs. 12 + Rs. 2.16 (18% on Rs. 12) = Rs. 14.16. Consequently, the credited amount to the account after deducting fees and GST from the Rs. 100 deposit would be INR 85.84.
Will I get any invoice for the GST charged in my account?
We send tax invoice every month on your registered email address with us, in which you can check the GST debited from your account in the previous month.
Can I see how much is charged for a trade?
Certainly, you will find a detailed breakdown of all charges and taxes deducted on a trade displayed on the trading screen. Additionally, you can access this information from the order history tab for each specific order you have placed. This comprehensive data will also be reflected in the consolidated account statement.