Cryptocurrency Exchanges is under Probe for Tax Evasion of Rs 70 crore: DGGI
Cryptocurrency Exchanges in India are facing the threat of being investigated by agencies like Mumbai CGST and DGGI for Tax Evasion worth Rs. 70 crore.
Highlighted points
- Tax Evasion worth 70 Crore has been detected by the Probe agency against the cryptocurrency Exchanges.
- Individually wazirX has been involved under the charges of Tax Evasion of 40 Crore.
- It has been found that nearly all Crypto Exchanges are evading the GST in India.
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The sources have revealed the information that there has been a massive amount of Tax Evasion in the GST, like the platforms WazirX for 40 crore and many others. The Directorate General of GST has come down heavily on cryptocurrency exchanges, operating in the Nation.
Source statement “Around half dozen offices of cryptocurrency service providers have been searched and massive Goods and Service Tax (GST) evasion has been detected by DGGI”. Told this to ANI.
As general information, the Cryptocurrency Exchanges and Wallets are the digital platforms where digital currency like Bitcoin, Eather, Ripple, etc. can be transacted.
The source also added, “The DGGI is investigating Coin Switch Kuber by M/S Bitcipher Labs LLP, Coin DCX by M/S Nebilo technologies private limited, BuyUCoin by M/S I Block Technology Pvt Ltd and Unicorn by M/S Unicorn technology Pvt Ltd”.
Also said
“They are providing felicitation Intermediary services for buying and selling of crypto coins. These services attract GST rate of duty of 18 % which all of them have been evading”.
The top source is the base of the information and it told that 30 crores and 40- crore has been paid as the GST interest of the Tax Evasion and penalty for violating the regulatory laws and GST laws. And for the violations of GST and Regulatory laws, they are fined the cryptocurrency Exchanges including WazirX.
Opinion
Recently, we can see the inclination of the Government towards the digital currency markets and in the profit generated by Cryptocurrency trading. And in the previous month also the government announced a notice regarding making the new rules for the use of cryptocurrency and its control. and it can be speculated that the new rules and guidelines will be introduced to rule the cryptocurrency Exchanges and other Digital currencies.
