Gov Spots GST Evasion by 17 Crypto Players Worth INR 824 Cr: MoS Finance Of the entire amount, the government has recovered INR 122.29 crore in interest, penalty and taxes so far
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The government of India has identified goods and services tax (GST) evasion worth over INR 800 crore by 17 cryptocurrency exchanges, according to a written reply in Parliament by Minister of State for Finance Pankaj Chaudhary on Monday.
Crypto players such as Binance, WazirX, CoinDCX, and CoinSwitch Kuber have been booked for GST evasion of INR 824.14 crore, out of which Binance (under Nest Services Ltd) solely accounted for INR 722.43 crore.
Of the entire amount, the government has recovered INR 122.29 crore in interest, penalty and taxes so far.
Other evasion amounts include INR 40.51 crore GST by Zanmai Labs Pvt (WazirX), INR 16.84 crore by CoinDCX and INR 14.13 crore by CoinSwitch Kuber.
Additionally, central GST officials have investigated four investors in virtual digital assets and evasion of INR 1.76 crore was discovered, out of which INR 2.4 crore has been recovered, including GST dues, interest and penalty.
"Total 47 Virtual Digital Asset Service Providers (VDA SPs) have been registered as Reporting Entities with Financial Intelligence Unit-India under the Prevention of Money laundering Act, 2002 till date," the minister added.
Classified as "Virtual Digital Assets" (VDAs) under Section 2(47A) of the Income Tax Act, cryptocurrencies cover most crypto assets, except for gift cards or vouchers. Cryptocurrency income is taxed at a flat rate of 30 per cent, with a one per cent tax deducted at source (TDS) on transactions exceeding INR 50,000 annually.
