by PeopleBuzz Business Desk
in Business, Business News, Featured News
GST Evasion Thru Cryptocurrency Exchanges: Following the GST Intelligence Department's action against WazirX, which has created a name for itself as a cryptocurrency exchange, other exchanges are now on the radar of the Directorate General of GST. According to a source, officials have also begun raids on other cryptocurrency exchanges operating in the nation.
Following the GST Intelligence Department's action against WazirX, the country's largest cryptocurrency exchange, other exchanges are now on the radar of the Directorate General of GST. According to a source, officials have also begun raids on other cryptocurrency exchanges operating in the nation.
Massive tax evasion
According to the article, other cryptocurrency exchanges, like WazirX, are suspected of large-scale tax fraud. According to sources, GST inspectors discovered tax evasion during searches of multiple crypto exchange offices by GST intelligence officials, who play a significant role in cryptocurrency transactions. However, no formal information has been released in this regard.
This action was carried out on WazirX.
According to the Mumbai East Commissionerate of GST, the country's largest cryptocurrency exchange, WazirX, has been dodging GST for a long time. Officials recovered a fine of more than Rs 49 crore after levying interest and penalties on the exchange after revealing the tax evasion of these crores. Significantly, the department revealed the crypto exchange's tax evasion on Thursday, December 30, 2021. According to information given by the GST Commissionerate on its official Twitter account, WazirX dodged GST worth 40. In this case, a penalty and interest of Rs 49.2 crore were recovered from him.
This is how crypto money is purchased.
Cryptocurrency is a form of digital cash system that is linked to a computer chain and is based on computer algorithms. There is no control over this by any country or government. Its popularity is growing to the point where many countries have legalized it. There are two ways to purchase crypto money, but the simplest and most popular method is to do so thru a crypto exchange. Around the world, there are hundreds of crypto currency exchanges in operation. When it comes to India, there are numerous exchanges to choose from, including WazirX, Zebpay, CoinSwitch Kuber, and Coin DCX Go. where digital currencies from around the world, including bitcoin, ethereum, tether, and dogecoin, can be purchased.
Crypto currency exchanges are operating 24 hours a day, seven days a week.
In the country, it is quite simple to acquire and sell bitcoin and other cryptocurrencies. The most crucial aspect is that all of these cryptocurrency exchanges are available for purchase 24 hours a day, seven days a week. It is also incredibly simple to buy and sell crypto money using them. To engage in crypto trading and investing in Rupees, you must first register with one of the exchanges. After signing up on the exchange's website and completing your KYC process, money is transferred to the wallet and these digital currencies can be acquired.
Tags: crypto exchange workcrypto investorscryptocurrencycryptocurrency indiacyptocureency exchangedirectorate general of gst intelligenceGst evasionwazirxwazirx treding volumewazirx treding volume increase
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