Cryptocurrency exchange WazirX under lens for evading Rs 40 crore in taxes

According to the CBIC, the matter relates to WazirX launching its own currency, but not paying GST on it.

The indirect taxes (I-T) department has detected goods and services tax (GST) evasion of around Rs 40 crore by Zanmai Labs Private Ltd, which manages  cryptocurrency exchange WazirX. The department recovered Rs 49.2 crore in GST dues.

“Officers of central GST, Mumbai East committee, have detected GST evasion of Rs 40.5 crore on commission of Wazir X cryptocurrency. They recovered Rs 49.2 crore in cash as GST, interest and penalty on December 30 from Zanmai Labs,” said CGST Mumbai Zone of the Central Board of Indirect Taxes and Customs (CBIC) on Twitter.

As per a detailed press release by the government late