Rs.96 crore recovered from 11 crypto exchanges for GST evasion : Govt

Rs.95.86 crore recovered from 11 crypto exchanges for GST evasion : Govt

The government has recovered Rs 95.86 crore from 11 cryptocurrency exchanges – including the likes of WazirX, CoinDCX and CoinSwitch Kuber

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Tax authorities detected evasion a total Rs 81.54 crore in Goods and Service Tax (GST), Minister of State for Finance Pankaj Chaudhary informed Parliament.

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According to Chaudhary, the largest evasion amount detected was at Binance-owned exchange WazirX’s parent company Zanmai Labs worth Rs 40.51 crore

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It was followed by CoinDCX which evaded Rs 15.7 crore, and CoinSwitch Kuber which evaded Rs 13.76 crore

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Buy Ucoin, Unocoin, Flitpay, Zeb IT Services Pvt Ltd, Secure Bitcoin Traders Pvt Ltd, Giottus Technologies, ZebPay, and Discidium Internet Labs were the remaining exchanges

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GST officials detected the evasion in January following the show-cause notice served to WazirX in 2021.

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Officials allege that the exchange was charging commission on each transaction in cryptocurrency from both the buyer and seller. But it was not paying the tax to the government.

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GST officials have been investigating business transactions related to e-commerce, online gaming and non-fungible tokens to identify the areas of tax evasion.

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