Million

<ul class="wp-block-list news-points"> 
 <li>Binance faces ₹722 crore GST demand for failing to register transactions in India.</li> 
 <li>DGGI accuses Binance of channeling earnings to Seychelles, complicating tax issues.</li> 
 <li>Binance previously fined ₹18 crore by India’s FIU for anti-money laundering lapses.</li> 
</ul> 
Binance, one of the world’s leading cryptocurrency exchanges, faces a hefty demand for Goods and Services Tax (GST) payments, as announced earlier by Wise Advice in a recent X post. The Directorate General of Goods and Services Tax Intelligence (DGGI) in Ahmedabad has issued a show-cause notice to the global giant, seeking approximately ₹722 crore ($86.88 million). 
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 ₹722 crore GST Notice to Binance <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> The Ahmedabad unit of DGGI issued a Rs 722 crore GST demand from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Binance</a>. It has been assumed that Binance has earned over Rs. 4000 crore from transaction fees charged to Indian customers. This'll now disincentivize the foreign exchanges… <a href="https://t.co/GXn8waacy8" target="_blank" rel="nofollow">pic.twitter.com/GXn8waacy8</a>— Wise Advice (@wiseadvicesumit) <a href="https://twitter.com/wiseadvicesumit/status/1820707331643933113?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">August 6, 2024</a>
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In addition, the DGGI’s notice alleges that Binance accrued nearly ₹4,000 crore from transaction fees from Indian customers without adhering to the GST registration requirements in India. The scru…
The post <a href="https://coinedition.com/indias-tax-authorities-demand-over-86-million-in-gst-from-binance/">India’s Tax Authorities Demand Over $86 Million in GST from Binance</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

India’s Tax Authorities Demand Over $86 Million in GST from Binance

Coin Edition

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