March 24, 2023

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Indian Treasury recovers US $ 6.62 million from WazirX for tax evasion

Indian cryptocurrency WazirX reportedly paid more than $ 6.6 million (49.2 crore rupees) After non-payment of Goods and Services Tax (GST), Its abbreviation in English) On business commissions. The total recovery includes $ 5.43 million in outstanding taxes (40.5 million rupees), Interest and penalty for non-payment.

GST and Central Tax Commission (Mumbai-Area CGST) officials have recovered $ 5.43 million in GST fraud after recovering funds from a cryptocurrency exchange. A common GST fraud involves creating false invoices without moving the goods between the seller and the buyer..

Wazir X cryptocurrency charges Rs. 40.5 crore GST evasion has been detected by CGST Mumbai East Commute officials and Rs. 49.2 crore today, December 30, 2021 Zanmai Labs Pvt. Ltd.

According to Local Economic Times, The tax department found that WazirX uses its internal WRX tokens for commissions, Distributed by Janmay Labs The cryptocurrency exchange stopped paying taxes at 18% of the total tokens issued based on their market value..

The researchers revealed WazirX paid a GST of 0.2% commission levied on users for trading in local currency, I.e. rupee, clarifies:

“But in cases where the trader opts to transact in WRX currencies, the amount of commission charged is 0.1% and they do not pay GST on this commission.”

Is also significant WazirX and WRX tokens belong to Binance, The world’s largest cryptocurrency exchange in terms of trading volume. Speaking to Cointelegraph, Zanmai Labs spokesman said Non-payment of tax is associated with misinterpretation of GST rules:

“We voluntarily paid the extra GST to co-operate and be compliant. There was and was no intention of tax evasion.”

WazirX CEO Nischal Shetty previously spoke with Cointelegraph The importance of regulatory clarity for retailer adoption. Warned Overnight regulation could affect the progress of the cryptocurrency environment and open holes for bad actors:

“There is a $ 2.5 trillion market there and I will not wait until any country decides to join. I have been tweeting ‘#IndiaWantsCrypto’ for over 1,000 days with the sole intention of keeping crypto regulation in India.

Day 1000

What an achievement for cryptocurrency in India!

My work with #IndiaWantsCrypto:

– Bringing positive regulation to cryptocurrencies in India
– Spread accurate information about cryptocurrencies

Thousands of people have joined the campaign

We will continue our work

Jai Hind #India needs crypto

Yes OK The concept of GST is very new to the region and the Government of India has previously agreed to show leniency towards creditors and fraudsters.: Usually settling cases with low probability of monetary fine and imprisonment. Janmai Labs spokesman concluded:

“We firmly believe that the regulations will provide us with greater clarity on taxation, to work with legislators and continue to be a responsible player in this field.”

In an effort to assist the Government of India in determining laws for cryptocurrencies, Federation of Indian Industries (CII) It was proposed to treat cryptocurrencies as securities of a special class.

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This was revealed in a statement issued by the NGO Trade Association IIC proposes to create new regulations around the new cryptocurrency market instead of regulating them under existing securities law..

According to the Cointegraph report, The IIC recommended a special provision in the Income Tax and GST Acts which treats cryptocurrencies as a property class for tax purposes., Especially if not considered “shares in the trade” by a participant.

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