Key Points:
- Binance owes $85M in GST taxes while WazirX paid $5.8M in penalties.
- India investigates 17 crypto firms for Crypto Tax Evasion India, recovering $14M.
Crypto Tax Evasion India: Binance and WazirX are among firms accused of $97M in unpaid taxes. So far, India has recovered $14M amid ongoing investigations.
Crypto Tax Evasion India Targets Binance and WazirX
India disclosed a $97 million crypto tax evasion lawsuit involving 17 companies, including Binance and WazirX. Binance has yet to pay $85 million in GST, whereas WazirX paid $5.8 million, including penalties. Due to crypto tax evasion crackdowns, authorities have collected $14 million from other firms.
India’s strong crypto tax compliance posture is highlighted by its investigations into CoinDCX and CoinSwitch Kuber. Some corporations claim to be skirting confusing tax legislation, but the government wants stricter enforcement and punishments to deter future offenses, according to Cointelegraph.
Read more: Indian Crypto Adoption Still Tops the World
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WazirX and CoinDCX were among the exchanges who paid $14 million in taxes and penalties as part of India’s Crypto Tax Evasion Crackdown. Despite these attempts, Binance and others have not paid $85 million in taxes. Unpaid GST on virtual digital assets is under scrutiny.
India wants to regulate the bitcoin sector with this move. Recent modifications to anti-money laundering legislation have registered 47 digital asset providers as reporting companies, ensuring tax compliance and financial transparency in the fast-growing crypto business.
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Source: Coincu
