Home
Cryptocurrency
Cryptocurrency News
Government Recovers Over Rs. 95 Crore From 11 Cryptocurrency Exchanges for GST Evasion

Government Recovers Over Rs. 95 Crore From 11 Cryptocurrency Exchanges for GST Evasion

WazirX, Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin, and Flitpay among exchanges involved in GST evasion cases.

By Press Trust of India | Updated: 29 March 2022 10:10 IST

Government Recovers Over Rs. 95 Crore From 11 Cryptocurrency Exchanges for GST Evasion

Total 11 cases of evasion of GST by cryptocurrency exchanges have been detected by the authority

Click Here to Add Gadgets360 As A Trusted Source

Highlights

Evasion of Rs. 81.54 crore was detected by cryptocurrency exchanges
The total amount includes penalty and interest
Rs. 49.18 crore was recovered from Zanmai Labs (WAZIRX)

The government on Monday said Rs. 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST). The total amount includes penalty and interest.

Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay were among the exchanges that were involved in GST evasion cases. Others were Zeb IT Services, Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India (Zebpay) and Discidium Internet Labs, according to the finance ministry.

In a written reply to Lok Sabha, Minister of State for Finance Pankaj Chaudhary said 11 cases of evasion of GST by cryptocurrency exchanges have been detected by Central GST formations.

How to Save the Amazon? Brazil Company Says NFTs Are the Answer

Evasion of Rs. 81.54 crore was detected and Rs. 95.86 crore was recovered (including interest and penalty), he said.

As per the reply, Rs. 49.18 crore was recovered from Zanmai Labs (WAZIRX), Rs. 17.1 crore from Coin DCX, and Rs. 16.07 crore from CoinSwitch Kuber.

Crypto Tax Amendments Set to Be Implemented in India Starting April 1

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.