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

The authorities on Monday said Rs. 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Goods and Products and services Tax (GST). The overall total involves penalty and fascination.

Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Purchase Ucoin, UnoCoin and Flitpay were being amid the exchanges that had been included in GST evasion circumstances. Many others were Zeb IT Services, Secure Bitcoin Traders, Giottus Technologies, Awlencan Improvements India (Zebpay) and Discidium Online Labs, in accordance to the finance ministry.

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

Evasion of Rs. 81.54 crore was detected and Rs. 95.86 crore was recovered (which includes curiosity and penalty), he explained.

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.

Interested in cryptocurrency? We discuss all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Devices 360 podcast. Orbital is obtainable on Apple Podcasts, Google Podcasts, Spotify, Amazon Songs and anywhere you get your podcasts.

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