GST evasion: Govt says Rs 95.86 crore recovered 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 contains penalty and curiosity.

Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Purchase Ucoin, UnoCoin and Flitpay have been among the many exchanges that have been concerned in GST evasion circumstances.

Others have been Zeb IT Companies, Safe Bitcoin Merchants, Giottus Applied sciences, Awlencan Improvements India (Zebpay) and Discidium Web Labs, in accordance with 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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