Cryptocurrency Exchanges, the campaign against the corrupt currency exchange conducted by the Mumbai CGST and DGGI has exposed nearly Rs 70 crore of tax fraud.
Sources said that GST Intelligence Center’s general counsel. Thus, has reduced the number of crypto cards operating in the country after Minister X was charged with tax fraud by crypto service provider GST.
Sources told ANI:
“DGGI has revealed a massive release of about half a dozen coins and goods and services tax (GST) acquired by service providers. Traders and customers can buy Bitcoin Cryptocurrency, Ethereum, Ripple, etc. Thus, There are wallets and exchange platforms where one can trade digital assets.
According to sources, the Mumbai CGST and DGGI operation on corrupt currency exchanges has revealed tax fraud worth Rs 70 crore. CoinSwitch Kuber of DGGI M / s Bitsifer Labs LLP, M / s Neblio Technology Pvt. Ltd., CoinDCX, BuyUCoin M / s Block Technology Pvt. Ltd. and Unocoin M / s from Unocoin Technology Ltd, ”the sources said.
Official Sources Added:
“They offer arbitration services to facilitate the purchase and sale of cryptocurrency exchanges.” Another government source, who is part of the research, told ANI: “These service providers charge for convenience because they offer bitcoins but do not pay GST fees.
Thus, He told ANI that Rs. 30 crores and Rs 40 crores in GST, interest, and penalties for not complying with the statutory provisions of the GST Act. In violation of the GST rules, the CBI had to pay Rs. 700 million from cryptocurrency service providers including WazirX.
Cryptocurrency Exchanges and GST Commissioners of the Mumbai Districts:
On Friday, the GST commissioners of the Mumbai districts of GST paid Rs. 40.5 crore cryptocurrency exchange from WazirX and Rs. 49.20 crores in cash, interest, and GST penalty. CoinDCX offers its stores app India with 7.5 million users for instant purchase of bookmarks. And other cryptocurrencies and more than 10 million downloads at Rs. Bought it for 7 thousand.
Thus, According to the website trading platform CoinSwitch Kuber, which has grown to $ 5 billion (approx. 37,260 crores), BuyUcoin has more than 1 million subscribers in India-based Delhi-NCR. And has revenue of over $ 800 million (about Rs 5,960 crore). Thus, Unocoin is a trading platform for Bitcoin, Ether, Tether, and other crypto platforms with offices in Bangalore. And processes more than 10 million transactions on its site.