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

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.

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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.

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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.

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