Government Says Rs 95.86 Crore Recovered From 11 Cryptocurrencies For GST Avoidance

A total of Rs 95.86 crore was recovered as GST evasion from 11 cryptocurrency exchanges

New Delhi:

The government on Monday said Rs 95.86 crore had been earned from 11 cryptocurrency exchanges to evade Goods and Services Tax (GST).

The total amount includes penalties and interest.

Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay are among the exchanges involved in the GST evasion case.

The others are Zeb IT Services, Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India (Zebpay) and Discidium Internet Labs, according to the finance ministry.

In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said 11 cases of GST evasion by cryptocurrency exchange had been detected by the formation of the Central GST.

The evasion of Rs 81.54 crore has been detected and Rs 95.86 crore has been recovered (including interest and penalties), he said.

According to the reply, Rs 49.18 crore was raised from Zanmai Labs (WAZIRX), Rs 17.1 crore from Coin DCX and Rs 16.07 crore from CoinSwitch Kuber.


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