Indian Authorities Raid Cryptocurrency Exchanges for Tax Evasion


India’s Directorate General of GST Intelligence (DGGI) reportedly raided major cryptocurrency exchanges across the country Saturday. Citing official sources, ANI news agency detailed:

Around half dozen offices of cryptocurrency service providers have been searched and massive goods and services tax (GST) evasion has been detected by DGGI.

According to the sources, the authorities are investigating Coinswitch Kuber (Bitcipher Labs), Coindcx (Neblio Technologies), Buyucoin (Iblock Technologies), and Unocoin (Unocoin Technologies). The crackdown has uncovered tax evasion worth about Rs 70 crore ($9.4 million), the publication conveyed.

The raid followed the discovery of a major GST tax evasion of Rs 40.5 crore by cryptocurrency exchange Wazirx Friday. The authorities subsequently recovered Rs 49.20 crores in cash pertaining to GST evaded, interest, and penalty from the exchange.

Noting that cryptocurrency exchanges charge a commission for facilitating the buying and selling of cryptocurrencies, official sources stressed:

These services attract GST rate of duty of 18% which all of them have been evading.

Another official source, who was part of the search, told the publication, “These transactions were intercepted by DGGI and they were confronted with evidence that proved non-payment of GST.”

Crypto exchanges subsequently paid Rs 30 crore and Rs 40 crore as GST, interest, and penalty for non-compliance to the statutory provisions of GST law, according to the publication. Moreover, the Central Board of Indirect Taxes and Customs (CBIC) has recovered Rs 70 crore from them.


Please enter your comment!
Please enter your name here

Latest Updates

More like this

Customize app icons in Windows 10

Follow these steps to change the app icon on...

Optimism Raises $150 Million in Series B Funding Round Led by Paradigm and A16z

Optimism, a solution that allows for transacting on Ethereum...

Filming the Puma Hunt for Our Great National Parks | WildForAll

How do you film a puma hunt for Our...

Sara Tendulkar opted for a khaki mini dress with frilled shoulders for a photoshoot

Sara Tendulkar wore was a ruched dress by the...

You cannot copy content of this page