Sunday, October 2

Indian Treasury Recovers $ 6.62 Million From WazirX For Evading Commission Tax By CoinTelegraph

© Reuters. Indian Treasury recovers USD 6.62 million from WazirX for evading commission taxes

Indian cryptocurrency exchange WazirX reportedly paid more than $ 6.6 million (49.2 crore rupees) following the non-payment of Goods and Services Tax (GST) on trade commissions. The total recovery includes the outstanding tax of $ 5.43 million (Rs 40.5 million), interest and a penalty for non-payment.

  • SEBI Chief Warns Indian Mutual Funds About Investing In Cryptocurrency Offerings

Officials from the GST and Central Tax Commission (Mumbai-area CGST) recovered funds from the cryptocurrency exchange after detecting a GST evasion of $ 5.43 million in fees. A typical GST fraud involves creating false invoices without actually moving the merchandise between the seller and the buyer.

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