New Delhi, India: The government announced on Monday that it had seized Rs 95.86 crore from 11 bitcoin exchanges for evading the Goods and Services Tax (GST).
Penalty and interest are included in the total sum. Among the exchanges engaged in GST evasion instances were Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin, and Flitpay. According to the finance ministry, other companies included Zeb IT Services, Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India (Zebpay), and Discidium Internet Labs.
Minister of State for Finance Pankaj Chaudhary stated in a written reply to the Lok Sabha that Central GST formations have found 11 cases of GST evasion by cryptocurrency exchanges. He added that an evasion of Rs 81.54 crore was detected, and that Rs 95.86 crore (with interest and penalty) was collected. As per reply, Zanmai Labs (WAZIRX) was fined Rs 49.18 crore, Coin DCX was fined Rs 17.1 crore, and CoinSwitch Kuber was fined Rs 16.07 crore.
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