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India

India Reprimands 11 Crypto Exchanges Accused Of Evading Tax

India’s tax authority is going after 11 crypto exchanges who have been found to evade taxes.

As part of the disciplinary measures, the tax regulator has confisticated Rs. 95.86 crore or around $12.6 million from the erring exchanges.

However, this isn’t the first time authorities are cracking down on crypto exchanges.

Earlier this year in January, the Directorate General of GST Intelligence (DGGI), which regulates tax collection in India, seized Rs. 84 crore or $11.0 million in taxes. Another round of crackdown saw the organization confiscate 1.1 crore (about $145,000) in penalties.

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Back then, only six exchanges  including WazirX, CoinDCX, BuyUCoin and Unocoin were identified to have been guilty.

Fast forward to the time of drafting this article, the total number of companies involved have risen to 11 with the combined fines and penalties clocking in at over $12 million.

More sanctions await crypto exchanges though. According to a new law which takes effect on the 1st of April, Indian crypto exchanges must pay a 30% capital gains tax on all crypto transactions. Regular traders are not left out as well, Indian-based investors who are buying or selling cryptocurrencies will be required to pay a 1% tax on transactions.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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