Quick Summary
The Indian government has identified Goods and Services Tax (GST) evasion worth ₹824.14 crore across 17 cryptocurrency exchanges, as revealed by Minister of State for Finance Pankaj Chaudhary. This discovery highlights the governments intensified efforts to address tax evasion within the rapidly growing crypto industry. Key Cases of GST Evasion Among the exchanges under investigation, some of the largest instances of alleged evasion include: Nest Services Ltd (Binance Group): ₹722.43 cror
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FAQ :
Goods and Services Tax (GST) evasion worth ₹824.14 crore has been uncovered across 17 cryptocurrency exchanges in India.
Key exchanges under investigation include Nest Services Ltd (Binance Group) with ₹722.43 crore, Zanmai Labs Pvt Ltd (WazirX) with ₹40.51 crore, CoinDCX with ₹16.84 crore, and CoinSwitch Kuber with ₹14.13 crore.
Authorities have recovered ₹122.29 crore in taxes, penalties, and interest.
India classifies cryptocurrencies as Virtual Digital Assets (VDAs) under Section 2(47A) of the Income Tax Act.
There is a flat 30% tax on profits from crypto transactions with no deductions except the cost of acquisition, and a 1% Tax Deducted at Source (TDS) on transactions exceeding ₹50,000 annually.
Yes, GST authorities have detected ₹1.76 crore in evasion by four individual investors and recovered ₹2.40 crore from them.
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