Major Crypto Agencies found evading GST worth Rs.95 Cr.

The tax authorities have recovered Rs. 95.86 crore from 11 cryptocurrency agencies. These agencies include industry leaders such as WazirX, CoinDCX and CoinSwitch Kuber. Authorities discovered tax evasion of Rs 81.54 crore in Goods and Service Tax (GST). The recovered amount includes both GST and the interest and penalties levied on it, said Minister of state for finance Pankaj Chaudhary.

The most prominent evaders were WaxirX’s parent company Zanmai Labs, worth Rs40.51 crore. Then major players such as Coin DCX and CoinSwitch Kuber were found evading Rs 15.7 crore and Rs 13.76 crore, respectively. Other companies that were found flouting the GST regulations and evading taxes were Buy Ucoin, Unocoin, Flitpay, Zeb IT Services Pvt Ltd. Secure Bitcoin Traders Pvt Ltd, Giottus Technologies, Awlencan Innovations India Pvt Ltd (ZebPay), and Discidium Internet Labs.