11 Indian cryptocurrency exchanges evaded tax worth Rs 81.54 crore: Govt

By Team Newsable | First Published Mar 28, 2022, 5:43 PM IST

On Monday, the government announced that it had recovered Rs 95.86 crores from 11 bitcoin exchanges for evading the Goods and Services Tax.

The government on Monday stated that Rs 95.86 crores had been recovered from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST). Penalties and interest are included in the total sum.

Among the exchanges engaged in GST evasion instances were Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin, and Flitpay.

Tap to resize

Latest Videos

Tap to resize

As per the finance ministry, other companies included Zeb IT Services, Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India (Zebpay), and Discidium Internet Labs.

Minister of State for Finance Pankaj Chaudhary stated in a written reply to the Lok Sabha that Central GST formations have detected 11 cases of evasion of GST by cryptocurrency exchanges.

He stated that the evasion of Rs 81.54 crore was detected, and Rs 95.86 crore was recovered (including interest and penalty).

As per the response, Zanmai Labs (WAZIRX) was fined Rs 49.18 crores, Coin DCX was fined Rs 17.1 crores, and CoinSwitch Kuber was fined Rs 16.07 crore.

Also Read: India's Crypro tax to begin from April 1, details here

Also Read: Cryptocurrency market update: Bitcoin, Ethereum, Dogecoin, Shiba Inu take a hit

Also Read: Indian cryptocurrency market today: Bitcoin down, Ethereum up

For more reliable and latest news