The Government of India has revealed that 11 cryptocurrency exchanges are under investigation by the national tax authorities. Approximately 95.86 chlorelpees ($ 12.6 million) were recovered from them.
11 crypto exchanges investigated for tax evasion
The Government of India answered several questions about the taxation of crypto exchanges in the House of Representatives Lok Sabha on Monday.
Parliamentarian S. Lamaringam asked the Minister of Finance: “It is true that some crypto exchanges were involved in avoiding commodity and service taxes (GST), and other crypto exchanges and major investors in digital currencies are under investigation. Detected. Government. “
In addition, a member of parliament asked the Minister of Finance about “actions the government has taken or proposed to take against cryptocurrency exchanges detected by GST evasion.”
Minister of State Pankaji Choudhry of the Ministry of Finance replied:
The Central GST Formation has rarely detected cases of Goods and Services Tax (GST) evasion by crypto exchanges.
He revealed that 11 crypto exchanges were investigated and a tax evasion of Rs 81.54 was detected. Tax authorities have collected Rs 95.86, including interest and fines.
The Minister of State provided a list of 11 exchanges surveyed: Coindcx, Buyucoin, Coinswitch Kuber, Unocoin, Flitpay, Zeb IT Services (Zebpay), Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India, Wazirx, Discidium Internet. According to the Labs list, the exchanges with the most evasive detections were Wazirx, Coindcx, and Coinswitch Kuber.
Ramalingam, a member of Lok Sabha, also asked the Minister of Finance “whether the government has data on the number of cryptocurrency exchanges currently involved in the cryptocurrency exchange business in the country.”
Minister Chaudary replied:
The government does not collect data on cryptocurrency exchanges.
Meanwhile, India’s Finance Minister Narmala Sisaraman has proposed a 30% tax on cryptocurrency income and a 1% tax withholding (TDS) on all cryptocurrency transactions. Kill the crypto asset class.
What do you think of the Minister of State’s response? Please let us know in the comments section below.
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