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Indian authorities revealed $97 million in tax evasion by crypto exchanges, including Binance and WazirX, as part of a GST crackdown. Binance owes $85 million in Indian authorities detect GST evasion of ₹405 million from WazirX and recover ₹492 million in cash. DGGI searches around half a dozen offices of cryptocurrency Two agencies, five months, five crypto exchanges, 100-plus officers, more than Rs 700 million in tax recovery, and yet the scale of the misdemeanor, excused by Binance faces $86M in unpaid GST demands and scrutiny over $480M in transaction fees reportedly funneled to Nest Services Ltd. India’s Goods and Services Tax (GST) authorities India wanted to regulate crypto but it had to postpone its plans as the crypto draft bill did not make it to the final winter session of Home; Bitcoin; Ethereum; DeFi; The ANI story states that authorities detected total tax evasion from the six crypto-related businesses of around US$9.3 million (INR 700 million) and the same amount According to sources, around Rs 70 crore worth of tax evasion has been detected during the crackdown on Cryptocurrency trade by Mumbai CGST and DGGI. On Saturday, Central Goods and Services Tax (CGST) Mumbai Zone detected massive evasion of around 700 million rupees during the crackdown on An alleged 700 million rupee tax evasion is under investigation, with over half a dozen crypto exchanges in India being searched. Authorities investigating the goods and services tax (GST) have so far charged 17 cryptocurrency exchanges with dodging the tax to the tune of INR 824.14 Cr.

Indian Authorities Detect Tax Evasion of ₹700 Million, Investigating Top Crypto Exchanges

A major crackdown on cryptocurrency exchanges in India has revealed significant tax evasion, with authorities investigating alleged irregularities amounting to ₹700 million (approximately $9.3 million USD). This investigation involves searches of over half a dozen crypto exchanges across the country.

GST Crackdown Uncovers Widespread Evasion

The Directorate General of Goods and Services Tax Intelligence (DGGI) and Central Goods and Services Tax (CGST) Mumbai Zone are at the forefront of this investigation. They have so far charged 17 cryptocurrency exchanges with dodging the tax to the tune of INR 824.14 Cr. Their efforts have already led to the detection of around Rs 70 crore worth of tax evasion during the crackdown on Cryptocurrency trade by Mumbai CGST and DGGI.

Indian authorities initially revealed $97 million in tax evasion by crypto exchanges, including prominent players like Binance and WazirX, as part of an ongoing GST crackdown. Specific allegations include:

  • Binance: Facing scrutiny over $480 million in transaction fees reportedly funneled to Nest Services Ltd and faces $86M in unpaid GST demands.
  • WazirX: Accused of GST evasion of ₹405 million, with authorities recovering ₹492 million in cash.

Details of the Investigation

The scale of the operation is significant. Two agencies, five months, five crypto exchanges, and over 100 officers have been involved. While India initially aimed to regulate crypto, plans were postponed, leaving GST as a key tool for enforcing financial compliance. This large-scale investigation underlines the complexities of regulating the crypto market and ensuring tax compliance.

The ANI story states that authorities detected total tax evasion from the six crypto-related businesses of around US$9.3 million (INR 700 million) and the same amount. The alleged 700 million rupee tax evasion is under investigation, with over half a dozen crypto exchanges in India being searched. DGGI searches around half a dozen offices of cryptocurrency businesses.

This development highlights the ongoing efforts of India’s Goods and Services Tax (GST) authorities to clamp down on tax evasion within the rapidly growing cryptocurrency sector.

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