GST Evasion by Crypto Exchanges in India
- Govt detects GST evasion of ₹ 824.14 crore from Binance, WazirX, CoinDCX and others.
- GST evasion of ₹ 722.43 crore in the name of Nest Services Ltd, a group company of Binance.
- WazirX, run by M/s Zanmai Labs Pvt. Ltd, avoided GST of ₹ 40.51 crore; in this regard, the Government has so far recovered ₹ 49.18 crore with interest and penalty.
- CoinDCX and CoinSwitch Kuber have avoided ₹ 16.84 crore and ₹ 14.13 crore respectively; from CoinDCX, the Government has recovered ₹ 20.86 crore, and from CoinSwitch Kuber, ₹ 19.38 crore.
- 47 Virtual Digital Asset Service Providers had been registered as reporting entities with the Financial Intelligence UnitIndia under the Prevention of Money Laundering Act, 2002.
- Cryptocurrencies are defined as “Virtual Digital Assets” in Section 2(47A) of the Income Tax Act, and it covers nearly all crypto assets except those like gift cards or vouchers.
