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Raids were conducted on crypto agencies across the country, tax officials recovered 70 crores

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Raids were conducted on crypto agencies across the country, tax officials recovered 70 crores

The DGGI conducted raids on crypto exchanges across the country after cryptocurrency service provider WazirX came to light of huge tax evasion.

The Directorate General of GST Intelligence (DGGI) raided crypto exchanges across the country after cryptocurrency service provider WazirX came to the fore of huge tax evasion. According to information received from sources by news agency ANI, about half a dozen companies providing crypto services were raided and the case of hiding heavy Goods and Service Tax (GST) has come under the grip of DGGI.
Crypto wallets and exchanges are platforms where merchants and consumers trade digital assets such as Bitcoin, Ethereum, and Ripple. On Friday, GST Mumbai East Commissionerate WazirX of Mumbai Zone caught a case of hiding tax of Rs 40.5 crore and then Rs 49.20 crore was recovered. After this, today the raiding campaign started across the country.

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Exchanges charged commission but did not make GST payment

According to information received from sources, in the raids of Mumbai CGST and DGGI, a case of hiding tax of about Rs 70 crore has come to the fore. Sources have informed that DGGI is investigating CoinSwitch Kuber, CoinDCX, ByUCoin and UnoCoin. This crypto platform provides intermediary services for buying and selling of crypto coins. According to official sources, these services attract duty at the rate of 18 per cent, which all these platforms have tried to save.

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70 crore recovery

According to another official source, these service providers used to charge commission from customers for their services but did not pay GST. These transactions were caught by DGCI and then it was confirmed that GST has not been paid. A top source told ANI that now the crypto platform has paid Rs 30 crore as GST and Rs 40 crore as interest and penalty for violation of GST law i.e. CBIC has recovered Rs 70 crore from other cryptocurrency service providers including WazirX. is of.

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