 "Authorities book 17 crypto platforms for GST evasion of Rs 824.14 cr")
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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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