The Goods and Services Tax (GST) authorities have identified 17 cryptocurrency exchanges for allegedly evading taxes amounting to ₹824.14 crore. Minister of State (MoS) for Finance, Pankaj Chaudhary, informed the Lok Sabha that ₹122.29 crore, including penalties and interest, has been recovered.
Nest Services, a Binance subsidiary, alone accounted for ₹722.43 crore of the alleged evasion. WazirX parent Zanmai Labs owes ₹40.51 crore, while CoinDCX’s Neblio Technologies, CoinSwitch Kuber, and ZebPay evaded ₹26.63 crore, ₹14.13 crore, and ₹7 crore, respectively. Other platforms under scrutiny include BuyUcoin, UnoCoin, and Flipvolt Technologies.
Additionally, four crypto investors were probed for ₹1.76 crore in tax evasion, with recoveries of ₹2.4 crore.
The Financial Intelligence Unit (FIU-IND) oversees compliance with the Prevention of Money Laundering Act (PMLA), with 47 crypto entities now registered as reporting entities. Increased GST liabilities and stringent regulations are expected to escalate compliance costs amid India’s crypto boom.
