Government Recovers Over Rs. 95 Crore From 11 Cryptocurrency Exchanges for GST Evasion

The federal government on Monday stated Rs. 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Items and Companies Tax (GST). The whole quantity consists of penalty and curiosity.

Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Purchase Ucoin, UnoCoin and Flitpay had been among the many exchanges that had been concerned in GST evasion circumstances. Others had been Zeb IT Companies, Safe Bitcoin Merchants, Giottus Applied sciences, Awlencan Improvements India (Zebpay) and Discidium Web Labs, based on the finance ministry.

In a written reply to Lok Sabha, Minister of State for Finance Pankaj Chaudhary stated 11 circumstances of evasion of GST by cryptocurrency exchanges have been detected by Central GST formations.

Evasion of Rs. 81.54 crore was detected and Rs. 95.86 crore was recovered (together with curiosity and penalty), he stated.

As per the reply, Rs. 49.18 crore was recovered from Zanmai Labs (WAZIRX), Rs. 17.1 crore from Coin DCX, and Rs. 16.07 crore from CoinSwitch Kuber.

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