Latest News | GST Authorities Booked Rs 722 Cr Evasion Case Against Crypto Platform Binance: MoS Finance
Get latest articles and stories on Latest News at LatestLY. GST authorities have booked a Rs 722.43 crore tax evasion case against crypto exchange and Binance Group Company, Nest Services Ltd, Parliament was informed on Monday.
New Delhi, Dec 2 (PTI) GST authorities have booked a Rs 722.43 crore tax evasion case against crypto exchange and Binance Group Company, Nest Services Ltd, Parliament was informed on Monday.
In total, cases have been booked against 17 cryptocurrency exchanges for GST evasion of Rs 824.14 crore. Recovery of Rs 122.29 crore in interest, penalty and taxes has been made by GST authorities, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha.
Central GST formations have detected Rs 40.51 crore GST evasion by Zanmai Labs Pvt (WAZIRX), Rs 16.84 crore by CoinDCX and Rs 14.13 crore by CoinSwitch Kuber.
As many as four investors in virtual digital assets have been investigated by the Central GST authorities and Rs 1.76 crore evasion has been detected. Rs 2.40 crore has been recovered in taxes, penalty and interest.
Chaudhary said total 47 Virtual Digital Asset Service Providers (VDA SPs) have been registered as Reporting Entities with Financial Intelligence Unit-India under the Prevention of Moneylaundering Act, 2002 till date.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)