Friday, January 28, 2022
Home Crypto News Exchanges Indian Bitcoin Exchange In Trouble For Not Paying Over $6 Million In...

Indian Bitcoin Exchange In Trouble For Not Paying Over $6 Million In GST

- Advertisement -

Indian Bitcoin exchange WazirX is in trouble after being caught dogging taxes.



An investigation led by CGST Mumbai Zone found an evasion of GST of Rs 49.2 crores (over $6 million), including interest and fines. CGST and Central Excise Committee recovered the funds from the crypto exchange after detecting a GST evasion of $5.43 million on the commissions. WazirX paid 0.2% GST on trades made in local currency, Rupee. However, in trades in which the trader opts for WRX coin transactions, the commission is 0.1%, and the WazirX exchange is not paying GST on this commission.

WazirX, in their defense, stated that it was a lack of clarity of regulation that led to this disaster. “There was ambiguity in the interpretation of one of the components, which led to a different calculation of the value-added tax paid. We have voluntarily paid an additional GST. There was no, and there is no intention to evade paying taxes,” the company said.

In the summer of 2021, The Indian Ministry of Finance Enforcement Office announced an investigation into WazirX. Initial reports suggest that WazirX, a Chinese company, may be involved in money laundering. However, no such finding is made as of now. CGST has now turned on the heat on all crypto exchanges in India. CoinDCX, Unocoin, Coinswitch Kuber, and BuyUCoin are also under investigation.

 

 

- Advertisement -
Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

FLOKI Partners With Crypto Education Specialists TechTree to Build the Premier Crypto Educational Platform “Floki University”

Floki Inu (FLOKI) recently declared via tweet that it has partnered with TechTree, the core educational platform for crypto and De-Fi - a core...

Crypto Relief India has decided to move $100 Million USDC Back to Vitalik Buterin Wallet with the Intention to Accelerate Relief Efforts in India

Sandeep Nailwal, a cofounder of Polygon (MATIC) and founder of Crypto Relief, has just posted a CryptoRelief Update via his official Twitter handle. https://twitter.com/sandeepnailwal/status/1487073265319231491 According to...

Ripple Supporters May Wait Until Next Year Before SEC Lawsuit Will End

John Deaton said Ripple supporters may have to wait until next year before a verdict is given in the  lawsuit filed by the Securities...

DeFi Wallet Ambire Gains Momentum, Launches $WALLET Token on Huobi Primelist

Sofia, Bulgaria, 28th January, 2022, — DeFi-focused crypto wallet by Ambire is launching its much anticipated governance token on the Huobi exchange. Ambire...

Celebrate Lunar Spring Festival With Gate.io Theme: A Holiday For Some, Rewards For Everyone.

Gate.io wishes all its users a very happy Lunar Spring Festival! May the year of the Tiger bring you health, wealth, love, and prosperity.

Bradenton Hot Dog Restaurant Embraces Dogecoin As Payment

A Bradenton restaurant named Willy-Yums has announced that customers can now pay for their favorite hot dog sandwiches using popular cryptocurrency dogecoin (DOGE). 

Some Major Thing Coming For SHIB, Shiba Inu Team Teases: ‘Something Is Cooking, Will You Be Ready’

Nowadays, Shiba Inu (SHIB) teases its holders and followers with new surprises. window.coinzilla_display = window.coinzilla_display || ; ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.