Originally published on: December 04, 2024
The Indian government has uncovered a startling revelation regarding major cryptocurrency exchanges in the country. Reports indicate that popular platforms like Binance and WazirX have failed to pay significant amounts of Goods and Services Tax (GST).
Minister of State for Finance, Pankaj Chaudhary, disclosed that a staggering 824 crore Indian rupees ($97 million) in GST remains unpaid by various crypto exchanges. Among the companies under investigation are WazirX, CoinDCX, and CoinSwitch Kuber.
This revelation comes on the heels of a demand for 722 crore Indian rupees ($85 million) in unpaid taxes from Binance in August. Despite recovering 122.3 crore rupees ($14 million) as part of an ongoing crackdown by the authorities, some firms, including Binance and Hyperux Technologies, are yet to settle their dues.
WazirX, facing allegations of GST tax evasion, has paid penalties exceeding the amount owed, totaling 49.18 crore rupees ($5.8 million). A spokesperson for the exchange cited the unclear GST laws surrounding cryptocurrencies in India as the reason for the oversight.
In response to these developments, Binance assured its cooperation with regulatory authorities to address concerns. Meanwhile, Chaudhary revealed that 47 virtual asset service providers have been registered as reporting entities under India’s Anti-Money Laundering laws.
The crypto community in India continues to thrive despite the tax challenges, highlighting the resilience and adaptability of the market. Stay informed with the latest insights and developments by subscribing to the Markets Outlook newsletter.
Don’t miss out on key opportunities in the ever-evolving crypto landscape. Subscribe now to refine your trading strategies and make informed investment decisions. Join us today!
