GST Evasion: 11 Crypto Exchanges found to be evading Rs.95.86 Crore in GST

The Government announced on Monday that it had seized Rs.95.86 crore from 11 crypto exchanges for evading Goods and Services Tax (GST). The total amount includes both the penalty and the interest.

According to the Finance Ministry, among the exchanges evading GST were Zainmai Labs (WAZIRX), Coin DCX, Coinswitch Kuber, BayeUcoin, Unocoin, and Flutpay.

According to the ministry, Zeb IT Services, Secure Bitcoin Trader, Geotus Technologies, Avalenken Innovations India (Zebpay), and Discidium Internet Labs were also involved.

In a written response to a question in the Lok Sabha, Minister of State for Finance Pankaj Choudhary stated that the Central GST structures has uncovered 11 incidents of GST evasion by cryptocurrency exchanges.

He stated that a theft of Rs.81.54 crore was discovered and that Rs.95.86 crore (with interest and penalties) was recovered.

According to the response, Zainmai Labs (WAZIRX) recovered Rs.49.18 crore, Coin DCX recovered Rs 17.1 crore, and Coinswitch Kuber recovered Rs.16.07 crore.