The GST department has taken action on the country’s largest crypto exchange WazirX. The Mumbai East Commissionerate of GST said that the escape of GST was being done by crypto exchange WazirX for a long time. Revealing the tax elusion of these crores, the officers have now recovered a penalty of further than Rs 49 crore after levying interest and penalty on the exchange. According to officers, this amount includes interest and penalty along with introductory duty.
According to official sources of ANI, “After Cryptocurrency exchange WazirX, offices of major Cryptocurrency service providers across the country are searched by Directorate General of GST Intelligence officials. Massive tax evasion was detected by DGGI.”
After Cryptocurrency exchange WazirX, offices of major Cryptocurrency service providers across the country are searched by Directorate General of GST Intelligence officials. Massive tax evasion was detected by DGGI. More details awaited: Official Sources told ANI
— ANI (@ANI) January 1, 2022
The exchange had launched its own cryptocurrency. These cryptocurrency WRX coins were issued through Zanmai Labs. Still, GST wasn’t paid in the deals on this.
