After the massive tax evasion of GST by Cryptocurrency Service providers WazirX, the Directorate General of GST Intelligence has come down heavily on Cryptocurrency exchanges operating in the country, said sources.
Around half dozen offices of Cryptocurrency Service providers have been searched and massive Goods and Service Tax
(GST) evasion has been detected by DGGI.
Crypto wallet and exchange are platforms where merchants and consumers can transact with digital assets like bitcoin, ethereum, ripple, etc.
According to sources, around Rs 70 crore worth of tax evasion has been detected during the crackdown on Cryptocurrency trade by Mumbai CGST and DGGI.
The DGGI is investigating Coinswitch Kuber by M/s Bitcipher Labs LLP, CoinDCX by M/s Neblio Technologies PVT. LTD., BuyUCoin by M/S I Block Technologies Pvt. LTD. and Unocoin by M/s Unocoin Technologies Pvt. LTD,” sources said. Official sources said, “They are providing facilitation intermediary services for buying and selling of crypto coins. These services attract GST rate of duty of 18 per cent which all of them have been evading.”
