Bitcoin News and Finance Indian Government Reveals 11 Crypto Exchanges Investigated for Tax Evasion, $13 Million Recovered Skip to main content

Indian Government Reveals 11 Crypto Exchanges Investigated for Tax Evasion, $13 Million Recovered

Indian Government Reveals 11 Crypto Exchanges Were Investigated for Tax Evasion, $13 Million Recovered

The Indian government has revealed that 11 cryptocurrency exchanges have been under investigation by the country’s tax authority. About 95.86 crore rupees ($12.6 million) have been recovered from them.

11 Crypto Exchanges Investigated for Tax Evasion

The Indian government answered some questions regarding the taxation of cryptocurrency exchanges Monday in Lok Sabha, the lower house of parliament.

Parliament member S. Ramalingam asked the finance minister “whether it is true that some cryptocurrency exchanges were involved in evasion of goods and services tax (GST) and it was also detected that other cryptocurrency exchanges and major investors in digital currencies are under investigation by the government.”

In addition, the parliament member asked the finance minister about “the action taken or proposed to be taken by the government against those cryptocurrency exchanges that were detected in GST evasion.”

The minister of state in the ministry of finance, Pankaj Chaudhary, replied:

Few cases of evasion of goods and services tax (GST) by cryptocurrency exchanges have been detected by Central GST formations.

He revealed that 11 cryptocurrency exchanges were investigated and tax evasion in the amount of 81.54 crore rupees were detected. The tax authority has recovered 95.86 crore rupees, including interest and penalty.

The minister of state provided a list of the 11 exchanges investigated: Coindcx, Buyucoin, Coinswitch Kuber, Unocoin, Flitpay, Zeb IT Services (Zebpay), Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India, Wazirx, and Discidium Internet Labs. The exchanges with the most evasion detected were Wazirx, Coindcx, and Coinswitch Kuber, according to the list.

Lok Sabha member Ramalingam also asked the finance minister “whether the government has any data regarding the number of cryptocurrency exchanges that are presently involved in cryptocurrency exchange business in the country.”

Minister Chaudhary replied:

The government does not collect any data on cryptocurrency exchanges.

Meanwhile, Indian Finance Minister Nirmala Sitharaman has proposed taxing crypto income at 30% and imposing a 1% tax deducted at source (TDS) on every crypto transaction. A parliament member recently urged the government to reconsider imposing the 1% TDS, stressing that it will kill the crypto asset class.

What do you think about the minister of state’s answers? Let us know in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory