Best Cryptocurrency Exchange App

Top Cryptocurrency Providers In India Raided By Tax Officials: Report

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Digital wallet and exchange are platforms that assist in the transactions of digital assets such as bitcoin.

New Delhi:

After massive tax evasion of the Goods and Services Tax by crypto service provider WazirX, the General Directorate of Intelligence (GST) has been heavily exposed to Cryptocurrency exchanges operating in the country, sources said.

“About half a dozen Cryptocurrency service provider offices were searched, and DGGI discovered massive GST evasion,” sources told ANI.

Cryptocurrency wallet and exchange are platforms where merchants and consumers can transact with digital assets such as Bitcoin, Ethereum, Ripple, etc.

According to the sources, nearly Rs 70 crore tax evasion was discovered during the crackdown on crypto trading by the Mumbai CGST and DGGI.

“DGGI is investigating Coinswitch Kuber by M/s Bitcipher Labs LLP, CoinDCX by M/s Neblio Technologies PVT. LTD., BuyUCoin by M/SI Block Technologies Pvt. LTD., and Unocoin by M/s Unocoin Technologies Pvt. LTD. The sources said.

Official sources also said, “They provide facilitating intermediary services for buying and selling cryptocurrencies. These services attract the 18 percent GST rate that they all evaded.”

Another official source, who was part of this research, told ANI, “These service providers were charging a commission for facilitating them to indulge in bitcoin exchanges but did not pay GST. These transactions were intercepted by the Directorate General of Governments General (DGGI) and faced evidence that proved Not paying GST.”

A senior source told ANI that they paid Rs 30 crore and Rs 40 crore in GST, interest and penalties for not complying with the legal provisions of the GST Act. For breaching GST laws, CBIC has recovered Rs 70 crore from Cryptocurrency service providers including WazirX.

On Friday, GST Mumbai East Commissioner of Mumbai Zone discovered Rs 40.5 crore GST evasion from crypto exchange WazirX and recovered Rs 49.20 crore in cash related to GST evasion, interest and penalties.

According to the claim made by CoinDCX, their crypto app enables instant purchase of Bitcoin and other cryptocurrencies in India and has more than 7.5 million users and more than Rs crore downloads with Rs 7 billion worth of cryptocurrency purchases.

According to a website that has processed over $5 billion USD in CoinSwitch Kuber trading platform, Delhi-NCR-based BuyUcoin in India has more than 1 million users and traded over USD 800 million.

Unocoin is also a platform for trading Bitcoin, Ether and Tether, among other platforms for crypto assets, with offices in Bangalore which have processed over 10 million according to their website.


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