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Thursday, June 1, 2023

Indian Government Reveals 11 Crypto Exchanges Investigated for Tax Evasion

Indian Government Reveals 11 Crypto Exchanges Investigated for Tax Evasion – The Indian government has revealed that 11 bitcoin exchanges are being investigated by the country’s tax authorities. About  95.86 crore rupees was recovered from them.

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The Indian government responded to concerns about cryptocurrency exchange taxation in  Lok Sabha, the lower house of parliament, on Monday.

S. Ramalingam, a Parliamentary member, asked the finance minister “if it is true that certain cryptocurrency exchanges are implicated in GST avoidance, and it was also discovered that the government is now investigating further cryptocurrency exchanges and significant investors in digital currencies.”

The parliamentarian also enquired about “the government’s action taken or proposed to be taken against those cryptocurrency exchanges that have been detected in GST evasion.”

Also Read: Ghana CBDC Development: New Central Bank Document Outlines Key Motivations for Issuing the Digital Currency

Minister of State in the Ministry of Finance, Pankaj Chaudhary, replied:

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“Central GST organizations have uncovered a few incidents of cryptocurrency exchanges evading the goods and services tax (GST).”

He claimed that 11 bitcoin exchanges had been investigated, and that tax evasion totaling 81.54 crore rupees had been detected. The total amount recovered by the revenue department, including interest and penalties, is 95.86 crore rupees.

Giottus Technologies, Coindcx, Buyucoin, Coinswitch Kuber, Flitpay, Unocoin, Wazirx, Secure Bitcoin Traders, Awlencan Innovations India, Zeb IT Services (Zebpay), and Discidium Internet Labs were among the 11 exchanges investigated, according to the ministry of state. According to the list, the exchanges with the greatest evasion were Wazirx, Coinswitch Kuber, and Coindcx.

Indian Government Reveals 11 Crypto Exchanges Investigated for Tax Evasion – Ramalingam, a Lok Sabha member, also asked the finance minister if the government has any data regarding the number of cryptocurrency exchanges that are now engaged in cryptocurrency exchange business in the country.

Also Read: Parliament Member Says 1% TDS Will Kill Crypto Asset Class in India, Urges Government to Reconsider

Minister Chaudhary’s stated:

“Cryptocurrency exchange data is not collected by the government.”

Meanwhile, Indian Finance Minister Nirmala Sitharaman has proposed a 30% tax on cryptocurrency revenue and a 1% tax deducted at source (TDS) on all cryptocurrency transactions.

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