Tuesday, May 17 2022 | Time 12:40 Hrs(IST)
Business Economy

More crypto players come under the scanner for alleged GST evasion

New Delhi, Jan 1 (UNI) A day after GST authorities cracked down on leading crypto currency exchange Wazir X for alleged tax evasion, at least four more crypto players have come under the scanner.

The Directorate General of GST Intelligence (DGGI) on Saturday widened the investigation net.
Official sources said that CoinSwitch Kuber and Unocoin are under investigation for suspected tax evasion.
Finance Ministry had on Friday said that Mumbai GST commissionerate had detected GST evasion to the tune of Rs 40.5 crores by cryptocurrency exchange Wazir X. It recovered Rs 49.20 crores in cash pertaining to alleged GST evasion, interest and penalty.
One of the leading crypto exchanges Wazix X exchange is managed by Zanmai Labs Pvt Ltd.
The exchange provides option to a trader to transact in Rupee or WRX. The WRX have to be purchased from WazirX platform.
Cryptocurrency 'WRX' is owned by Binance Investment Co. Ltd, Seychelles.
The officers of CGST Mumbai zone are investigating business transactions related to emerging economic space like e-commerce, online gaming, Non-Fungible Tokens to identify the areas of possible tax evasion.
The CGST department would cover all the crypto currency exchanges falling in Mumbai zone and will also intensify this drive in the coming days, Finance Ministry had said on Friday.
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