India’s Directorate General of GST Intelligence (DGGI) raided cryptocurrency exchange after Central Goods and Services Tax (CGST) detected a huge evasion of INR 700 million. DGGI searched the offices of several cryptocurrency service providers of WazirX and found GST evasion. The exchange company evaded a total amount of INR40.5 crores and recovered INR49.2 crores in cash. The sources said that services attract a GST rate of duty of 18%, out of which all of them have been evaded.
DGGI investigated CoinDCX by M/s Neblio Technologies Private Limited, Unocoin by M/s Unocoin Technologies Private Limited, Coinswitch Kuber by M/s Bitcipher Labs LLP, and BuyUCoin by M/S I Block Technologies Private Limited. According to the publication, GST, interest, and penalty for non-compliance provisions of GST law services paid INR300 to INR400 million.
The cryptocurrency saw many highs and lows in 2021. Will the new year be any different?