New Delhi, Mar 28 (UNI): As many as 11 crypto exchanges, including Coin DCX, CoinSwitch Kuber, Flitpay and Buy Ucoin, were booked by tax authorities for evasion of Goods and Services Tax (GST) to the tune of Rs 81.54 crore.
The government recovered Rs 95.86 crore from the crypto exchanges which were found to have evaded duties. The recovery includes interest and penalties.
Replying to a question in Lok Sabha on the number of tax evasion cases by crypto exchanges in the country, Minister of State for Finance Pankaj Chaudhary on Monday said that few cases of evasion of GST by cryptocurrency exchanges have been detected by Central GST formations.
As per information shared by the minister, quantum of evasion by Coin DCX was Rs 15.70 crore. As against this, the tax authorities have recovered Rs 17.10 crore from the firm. In case of CoinSwitch Kuber, the duty evasion was to the extent of Rs 13.76 crore and recovery of Rs 16.07 crore was made.
UnoCoin allegedly evaded duty to the tune of Rs 2.97 crore and recovery of Rs 4.44 crore was made. The leading crypto exchange Zanmai Labs Pvt Ltd (WAZIRX) was found to have evaded duty of Rs 40.51 crore. The tax authorities recovered Rs 49.18 crore from WAZIRX.
Among other exchanges booked for duty evasion were Secure Bitcoin Traders Pvt Ltd, Giottus Technologies Pvt Ltd, Zeb IT Services Pvt Ltd and Awlencan Innovations India Ltd (Zebpay).