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

Colombia, Distrito Capital de Bogotá, Bogotá
Published 2 years ago
ID #1162
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Indian Treasury recovers USD 6.62 million from WazirX for evading commission taxes
Colombia, Distrito Capital de Bogotá, Bogotá,
Published 2 years ago

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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.

Officers of CGST Mumbai East comm'te have detected GST Evasion of Rs 40.5 Cr. On commission of Wazir X Crypto Currency & recovered Rs 49.2 Cr. In cash as GST, interest & Penalty today on 30.12.2021 from Zanmai Labs Pvt. Ltd. @nsitharamanoffc @mppchaudhary @cbic_india @PIBMumbai


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    Colombia, Distrito Capital de Bogotá, Bogotá
    Bogota Cl 34 Megacali