Indian Govt recovered 95.86 Crore from 11 Crypto Exchanges for GST Evasion

[Coinshots]

Indian Government on Monday said ₹ 95.86 crore have been recovered from 11 cryptocurrency exchanges for evasion of Goods and Services Tax.

Government on Monday said ₹ 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST).

The total amount includes penalty and interest.

Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay were among the exchanges that were involved in GST evasion cases.

Others were Zeb IT Services, Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India (Zebpay) and Discidium Internet Labs, according to the finance ministry.

In a written reply to Lok Sabha, Minister of State for Finance Pankaj Chaudhary said 11 cases of evasion of GST by cryptocurrency exchanges have been detected by Central GST formations.

Evasion of ₹ 81.54 crore was detected and ₹ 95.86 crore was recovered (including interest and penalty), he said.

As per the reply, ₹ 49.18 crore was recovered from Zanmai Labs (WAZIRX), ₹ 17.1 crore from Coin DCX, and ₹ 16.07 crore from CoinSwitch Kuber.

Source: https://www.coinshots.com/news/95-86-crore-recovered-from-11-cryptocurrency-exchanges-for-gst-evasion

[avikz]

It's very unfortunate and shows how pathetic these government people can be. Firstly crypto was not even a recognized asset class in India so there was no GST classification available at the first place. Even till today, crypto doesn't have a legal classification.

So how on earth the exchanges will charge GST from their customers? If they had charged GST before this incident, that could have been classified as an act of fraud. The future of crypto is very dull in India with its dull government and pathetic people.