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GST authorities have booked a Rs 722.43 crore tax evasion case towards crypto trade and Binance Group Company, Nest Services
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.
GST authorities have booked a Rs 722.43 crore tax evasion case towards crypto trade and Binance Group Company, Nest Services Ltd, Parliament was knowledgeable on Monday.
In whole, instances have been booked towards 17 cryptocurrency exchanges for GST evasion of Rs 824.14 crore. Recovery of Rs 122.29 crore in curiosity, penalty and taxes has been made by GST authorities, Minister of State for Finance Pankaj Chaudhary stated in a written reply within 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 4 traders in digital digital belongings 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 curiosity.
Chaudhary stated a complete 47 Virtual Digital Asset Service Providers (VDA SPs) have been registered as Reporting Entities with Financial Intelligence Unit-India below the Prevention of Money laundering Act, 2002 until date.
(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)
