Indian authorities search cryptocurrency exchanges for tax evasion - taxes
Indian authorities search cryptocurrency exchanges for tax evasion - taxes
India's Directorate General for GST Intelligence (DGGI) reported on Saturday, large cryptocurrency exchanges. Her offices were searched and "massive tax evasion on goods and services (GST) was found by the DGGI".
Tax authorities say that cryptocurrency exchanges have bypassed the GST tax
India's Directorate General for GST Intelligence (DGGI) reported on Saturday, large cryptocurrency exchanges across the country. Citing official sources, the Ani news agency explained:
about half a dozen offices of cryptocurrency service providers were searched and the DGGI has uncovered massive tax evasion (GST).
The raid followed the discovery of a large GST tax evasion of RS 40.5 Crore by the Wazirx cryptocurrency exchange on Friday. The authorities then recovered 49.20 billion rupees in cash in terms of evilable GST, interest and punishments from the stock exchange.
In view of the fact that cryptocurrency exchanges require a commission to facilitate the purchase and sale of cryptocurrencies, emphasized official sources:
These services attract a GST volume of 18%, to which everyone has escaped.
Another official source that was involved in the search said the publication: "These transactions were intercepted by the DGGI and confronted with evidence that proved the non -payment of the GST."
According to the publication RS 30 Crore and RS 40 Crore,crypto exchanges paid as GST, interest and punishment for the non-compliance with the legal provisions of the GST law. In addition, the Central Board of Indirect Taxes and Customs (CBIC) received 70 billion rupees.
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