Breaking: Indian Govt. Charges 11 Crypto Exchanges For Tax Evasion

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Breaking: Indian Govt. Charges 11 Crypto Exchanges For Tax Evasion

The Indian government had accused 11 crypto exchanges, including WazirX, CoinDCX, CoinSwitch Kuber, of tax evasion, said Minister of State for Finance Pankaj Chaudhary in a written response to the Parliament on Monday. Moreover, the central government has recovered a total of 95.86 crore, which is almost $12.58 million, from 11 crypto exchanges for evading the Goods and Services Tax (GST).

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11 Indian Crypto Exchanges Under Radar For Tax Evasions

In a written reply to a query in the Parliament of India, Lok Sabha, on March 28, Minister of State for Finance Pankaj Chaudhary revealed a GST evasion recovery of 81.54 crore, around $10.70 million, from 11 crypto exchanges. In addition, interest and penalty charges were collected, making a total tax collection of 95.86 crore.

The crypto exchanges under the GST investigation are Zanmai Labs (WazirX), CoinDCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin, Flitpay, Zeb IT Services, Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India (Zebpay), and Discidium Internet Labs.

On a query regarding the number of crypto exchanges operating in the country, Chaudhary said the ministry does not collect such data. The largest tax evasions are by crypto exchanges WazirX, CoinDCX, and CoinSwitch Kuber of 40.51 crore, 15.70 crore, and 13.76 crore, respectively.

Moreover, during the GST evasion investigation, the government officials noticed the collection of revenue from commissions as trading fees, deposit fees, and withdrawal fees.

Pratik Gauri, the founder of blockchain ecosystem 5ireChain, said:

“The government is trying to find a foothold in understanding the various challenges it will face in implementation once regulations are in place.”

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Indian Govt Stance on Crypto Regulation

The Indian government has maintained its negative stance on cryptocurrencies and its regulation. However, the government will look to explore technological advancements with blockchain technology. During the latest 2022-23 budget in February, Finance Minister Nirmala Sitharaman announced a 30% tax on cryptocurrency or virtual digital assets.

Recently, the Indian Parliament passes the Finance Bill 2022 finally approving the 30% crypto tax and an additional 1% tax deducted at source (TDS), despite criticism from the Indian crypto users.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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