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January 17, 2022
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Indian Authorities Raid Cryptocurrency Exchanges for Tax Evasion – Taxes Bitcoin News

India’s Directorate General of GST Intelligence (DGGI) reportedly raided main cryptocurrency exchanges Saturday. Their places of work had been searched and “massive goods and services tax (GST) evasion has been detected by DGGI.”

Tax Authorities Say Cryptocurrency Exchanges Have Been Evading GST Tax

India’s Directorate General of GST Intelligence (DGGI) reportedly raided main cryptocurrency exchanges throughout the nation Saturday. Citing official sources, ANI information company detailed:

Around half dozen places of work of cryptocurrency service suppliers have been searched and large items and companies tax (GST) evasion has been detected by DGGI.

According to the sources, the authorities are investigating Coinswitch Kuber (Bitcipher Labs), Coindcx (Neblio Technologies), Buyucoin (Iblock Technologies), and Unocoin (Unocoin Technologies). The crackdown has uncovered tax evasion price about Rs 70 crore ($9.4 million), the publication conveyed.

The raid adopted the invention of a serious GST tax evasion of Rs 40.5 crore by cryptocurrency alternate Wazirx Friday. The authorities subsequently recovered Rs 49.20 crores in money pertaining to GST evaded, curiosity, and penalty from the alternate.

Noting that cryptocurrency exchanges cost a fee for facilitating the shopping for and promoting of cryptocurrencies, official sources confused:

These companies entice GST charge of obligation of 18% which all of them have been evading.

Another official supply, who was a part of the search, informed the publication, “These transactions were intercepted by DGGI and they were confronted with evidence that proved non-payment of GST.”

Crypto exchanges subsequently paid Rs 30 crore and Rs 40 crore as GST, curiosity, and penalty for non-compliance to the statutory provisions of GST legislation, in response to the publication. Moreover, the Central Board of Indirect Taxes and Customs (CBIC) has recovered Rs 70 crore from them.

What do you consider Indian authorities raiding crypto exchanges for tax evasion? Let us know within the feedback part beneath.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.

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