India Identifies 11 Crypto Exchanges Accused of Tax Evasion
India’s tax authority has seized Rs. 95.86 crore (US$12.6 million) from 11 crypto exchanges on allegations of tax evasion.
The Directorate General of GST Intelligence (DGGI), which oversees tax collection in India, had previously seized around Rs. 84 crore (about $11.0 million) in taxes and a further Rs. 1.1 crore ($145,000) in penalties, CoinDesk reported in January.
The GST investigation department has detected a total tax evasion of Rs 81.54 crore by crypto exchanges that include WazirX, Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay, among other exchanges.
Other were Zeb IT Services, Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India (Zebpay) and Discidium Internet Labs, according to the MoS. Of the 11 exchanges, Zanmai Labs, which operates as WazirX, evaded Rs 40.5 crore, the highest amount evaded.
Recently Indian government also introduced new crypto tax rules which will be valid from April 1, both these news can lead to disbelief among the Indian investors in crypto space. In addition to the capital gains tax, Indians buying or selling crypto will have to pay a 1% tax deducted at the source by July 1.
Written By- Shriyansh Jain