The Indian government accused 11 Crypto exchanges, including Wazirx, Coindcx, Coinswitch Kuber, from Evasion Tax, the State Minister for the Chaudhary Pankaj Finance in a written response to Parliament on Monday. In addition, the central government has recovered a total of ₹ 95.86 crore, which was almost $ 12.58 million, from 11 Crypto exchanges to avoid tax and service tax (GST).
11 Indian Crypto Exchanges Under Radar For Tax Evasions
In a written reply for a query in the Indian Parliament, Lok Sabha, on March 28, Minister of State for Financial Pankaj Chaudhary revealed the recovery of GST avoidance with ₹ 81.54 crore, around $ 10.70 million, from 11 Crypto exchanges. In addition, the allegations of flowers and penalties were collected, making a total tax collection of ₹ 95.86 crore.Crypto Exchange Under GST Investigation is Zanmai Labs (Wazirx), Coininswitch Kuber, buy Ucoin, Unocoin, Flitpay, Zeb It Services, Secure Bitcoin Trader, Giottus Technologies, AwLencan Innovations India (Zebpay), and Discidium Internet Labs In addition, during the GST avoidance investigation, government officials pay attention to the collection of income from commissions as trading costs, deposit costs, and withdrawal costs.
Pratik Gauri, Founder of Blockchain Ecosystem 5irechain, said “The government tries to find a footing in understanding the various challenges that will be faced in implementation as such regulations already exist.”
Indian Govt Stance on Crypto Regulation
The Indian government has maintained its negative attitude to Cryptocurrency and its rules. However, the government will look for to explore technological advancements with Blockchain technology. During the latest 2022-23 budget in February, Minister of Finance Nirmala Sitharaman announced a 30% tax on Cryptocurrency or virtual digital assets. Recently, the Indian parliament passed the 2022 Financial Bill finally approved 30% Crypto tax and an additional 1% tax deducted in the source (TDS), despite criticism from Indian Crypto users.
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