Rs.95.86 crore recovered from 11 crypto exchanges for
The government has recovered Rs 95.86 crore from 11 cryptocurrency exchanges – including the likes of
WazirX, CoinDCX and CoinSwitch Kuber
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.
According to Chaudhary, the largest evasion amount detected was at Binance-owned exchange WazirX’s parent company
Zanmai Labs worth Rs 40.51 crore
It was followed by
CoinDCX which evaded Rs 15.7 crore
, and CoinSwitch Kuber which evaded Rs 13.76 crore
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
GST officials detected the evasion in January following the
show-cause notice served to WazirX in 2021.
Officials allege that the exchange was
commission on each transaction in cryptocurrency
from both the buyer and seller.
But it was not paying the tax to the government.
GST officials have been
investigating business transactions related to e-commerce
, online gaming and non-fungible tokens to identify the areas of tax evasion.