Indian Tax authorities uncovered $9.4M from 6 Dozen crypto exchanges
The tax department of India took strict action and detained the whole unpaid taxes from all the crypto exchanges.
At present crypto bill of India is in a cold situation and official reports claim that lawmakers will do more work on the Indian crypto bill to bring better precise regulation on the crypto industry. At present, all the crypto services are running on the traditional rules and also paying taxes based on traditional rules and regulations.
Within the last few days, the income tax department authorities of India, Mumbai CGST and DGGI, took strict action against all crypto services, which were not paying all of their taxes. All these crypto exchanges include CoinSwitch Kuber, CoinDCX, BuyUCoin, and Unocoin.
Reports confirmed that Tax authorities grabbed around $9.41 million in total from all the exchanges. And Wazirx exchange was in the top, which released $6 million alone with fine.
“These service providers were charging a commission for their facilitation to indulge in exchange of bitcoins but were not paying GST tax. These transactions were intercepted by DGGI, and they were confronted with evidence that proved non-payment of GST,” an official source told national news TV
Problem with WazirX
As already we reported that Tax authorities collected $6 million from WazirX, which is a very big amount in comparison to other crypto companies.
On this, the Wazirx executive responded that tax departments are collecting tax from the exchange in unfair ways because the exchange is giving all the taxes on time and under full compliance.
In response, Tax authorities said that Wazirx is paying tax only for Indian national rupees (INR)- Crypto trade pairs but not paying for crypto-wrx trade pairs.
On such kinds of action by the government authorities of India, some experts of this industry said that the Indian government should not take action in this way until they have precise rules and regulations for this industry. And the Indian government needed to work on the crypto bills to regulate the crypto industry.
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