Major Indian Crypto Exchanges Blamed for Tax Evasion

Major Indian Crypto Exchanges Blamed for Tax Evasion

India’s local tax authorities recently raided some of the nation’s biggest crypto exchanges. The reason was a raised suspicion of tax evasion. The raided firms include CoinDCX, CoinSwitch Kuber, Unocoin and BuyUCoin.

Local media have revealed that just from Mumbai CGST and DGGI the total tax evasion amount to $9.41 million.

The raid was initially kicked off after authorities detected that WazirX had evaded $6 million in taxes at the end of December. WazirX is one of the top crypto exchanges in the country.

WazirX confronted the media with a statement in which it claims that there is an “ambiguity in the interpretation of one of the components which led to a different calculation of GST paid”, a statement essentially shifting the blame to the authorities. The firm continued by stating that it never intended to evade tax, while also advocating for crypto regulatory transparency in India.

With these statements, WazirX, which is actually owned by Binance, blames the ambiguous taxation regime in India, furthering that it has been paying its taxes on time each month.

Nevertheless, the exchange paid out the required sums after the raids.

As authorities around the world are considering the risks of cryptocurrencies and related businesses, this new development will without a doubt usher in a new risk to consider.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
UK, Australia4.85/5$50 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite
New Zealand4.65/5$1 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *