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The post<a href="https://cryptosnewss.com/analyst-predicts-dogecoin-could-reach-new-all-time-high/" rel="noopener noreferrer nofollow"> </a><a href="https://cryptosnewss.com/binance-and-wazirx-accused-of-tax-evasion-in-india/" rel="noopener noreferrer nofollow">Binance and WazirX Accused of Tax Evasion in India</a><a href="https://cryptosnewss.com/david-sacks-named-white-house-ai-and-crypto-czar/" rel="noopener noreferrer nofollow"> </a>appeared first on<a href="https://cryptosnewss.com/" rel="noopener noreferrer nofollow"> Cryptos Newss</a>.India’s Goods and Services Tax (GST) authorities have reported a $99.1 million tax evasion case involving 17 <a href="https://cryptosnewss.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency</a> exchanges operating in the country.Nest Services Ltd., a company linked to Binance Group, stands out as one of the most significant offenders. The firm is accused of evading $86.8 million in GST.<h2 id="header-0">India Recovers $14.7M in Crypto Tax Crackdown</h2>According to an Economic Times <a href="https://cfo.economictimes.indiatimes.com/news/tax-legal-accounting/govt-detects-rs-824-cr-gst-evasion-by-crypto-firms-mos-finance/115922688#:~:text&#61;The%20government%20has%20detected%20a,of%20State%20for%20Finance%20revealed" rel="noopener noreferrer nofollow">report</a>, Minister of State for Finance Pankaj Chaudhary revealed in a written response to the Lok Sabha that investigations have been launched into these firms.The investigation has already led to the recovery of $14.7 million in taxes, penalties, and interest, with further recoveries expected as authorities continue their probe. Among the other exchanges under scrutiny, Zanmai Labs Pvt (WazirX) faces allegations of evading $4.9 million, CoinDCX is accused of evading $2 million, and CoinSwitch Kuber is linked to $1.7 million in GST evasion.Read Also: <a href="https://cryptosnewss.com/bitcoins-next-move-assessing-key-levels-for-potential-correction/" rel="noopener noreferrer nofollow">Bitcoin&#39;s Next Move: Assessing Key Levels for Potential Correction</a>The agency is also investigating four crypto investors who were found to have evaded $210,000 in GST. Authorities have already recovered $290,000 from these individuals, covering taxes, penalties, and interest.Chaudhary also highlighted the government’s growing efforts to regulate the cryptocurrency sector, noting that 47 Virtual Digital Asset Service Providers (VDA SPs) have been registered as Reporting Entities with the Financial Intelligence Unit-India under the Prevention of Money Laundering Act, 2002.This is not the first instance of the government acting against crypto exchanges. In 2021-22, 11 platforms were penalized for tax evasion, with $1.08 million in unpaid taxes identified. At the time, authorities successfully recovered $1.2 million, including penalties.<h2 id="header-1">Crackdown on Binance’s Tax Evasion</h2>This report comes months after Indian law enforcement agencies demanded around $86 million in unpaid taxes from Binance in August.Binance and several other offshore crypto exchanges were banned in India in January 2024 for non-compliance with local regulations. However, in April, the exchange announced its intention to resume operations in the country after settling pending taxes.Despite this, in August 2024, the Directorate General of Goods and Service Tax Intelligence (DGGI) demanded $86 million from Binance under GST.According to The Times of India, the platform had reportedly earned $480 million from transaction fees charged to Indian customers. Investigations revealed that these earnings were credited to an account belonging to Nest Services Ltd.Authorities also sent email notices to Binance’s offices in Seychelles, the Cayman Islands, and Switzerland, which the exchange initially ignored. Binance later appointed local counsel to address its tax obligations.India requires all crypto service providers and investors to pay a 1% tax deducted at source (TDS) on every transaction, regardless of its value. Additionally, all profits from crypto investments are subject to a 30% tax.The post <a href="https://cryptosnewss.com/binance-and-wazirx-accused-of-tax-evasion-in-india/" rel="noopener noreferrer nofollow">Binance and WazirX Accused of Tax Evasion in India</a> appeared first on <a href="https://cryptosnewss.com/" rel="noopener noreferrer nofollow">Cryptos Newss</a>.

Binance and WazirX Accused of Tax Evasion in India

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