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

The federal government on Monday stated Rs. 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Items and Providers Tax (GST). The entire quantity consists of penalty and curiosity.

Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Purchase Ucoin, UnoCoin and Flitpay have been among the many exchanges that have been concerned in GST evasion instances. Others have been Zeb IT Providers, Safe Bitcoin Merchants, Giottus Applied sciences, Awlencan Improvements India (Zebpay) and Discidium Web Labs, in accordance with the finance ministry.

In a written reply to Lok Sabha, Minister of State for Finance Pankaj Chaudhary stated 11 instances 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 (together with curiosity and penalty), he stated.

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.

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