India’s Finance Ministry has accused Binance of evading approximately $85 million in Goods and Services Tax (GST). The <a href="https://sansad.in/getFile/loksabhaquestions/annex/183/AU966_nhWk4P.pdf?source&#61;pqals" rel="noopener noreferrer nofollow">charges</a> involve a Binance Group company, Nest Services Limited, based in Seychelles. The entity reportedly earned revenue from Indian users without proper tax compliance.Minister of State for Finance Pankaj Chaudhary revealed that Binance topped <a href="https://cryptotale.org/the-blockchain-bulletin-dec-4-cambodia-blocks-16-major-crypto-exchanges/" rel="noopener noreferrer nofollow">the list</a> of 17 crypto entities investigated for GST evasion. The total GST evasion by these exchanges amounted to ₹824.14 crore ($96 million). Nest Services alone accounted for ₹722.43 crore ($85 million) of this amount. The Directorate General of GST Intelligence (DGGI) issued a show-cause notice to the company in August.The government has recovered ₹122.29 crore ($14 million) from other exchanges, including penalties and interest. However, no recovery has been made so far from the Binance-linked entity. The Finance Ministry stated that Binance operated without proper tax registration until recently.<a href="https://cryptotale.org/binance-under-fire-in-india-for-85m-gst-evasion-allegations/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Binance Under Fire in India for $85M GST Evasion Allegations

CryptoTale

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