WazirX in the crosshairs of Indian authorities, higher scrutiny on exchanges
WazirX is a very well-known cryptocurrency exchange owned by the world's leading crypto exchange, Binance. The cryptocurrency exchange is known for providing its services to 6 million registered Indians and has an average trading volume of $5.4 billion per month.
WazirX evading tax?
As per a report, WazirX has been under investigation by the Directorate General of GST Intelligence (DGGI), which is a law enforcement agency under the Ministry of Finance responsible for fighting tax evasion in India."Around half dozen offices of Cryptocurrency Service providers have been searched, and massive Goods and Service Tax (GST) evasion has been detected by DGGI," sources told ANI, a media outlet.The report says that WazirX was responsible for evading nearly 40 crore INR ($5.4 million). The authorities used big data technology to find compliance gaps.
In response, a spokesperson for the exchange, formerly known as Zanmai Labs Pvt., said that "there was an ambiguity in the interpretation of one of the components which led to a different calculation of GST paid. However, we voluntarily paid additional GST in order to be cooperative and compliant. There was and is no intention to evade tax."
More exchanges caught in the storm
After this crackdown on the WazirX crypto exchange, the authorities in India also rained down heavily on Coinswitch Kuber, CoinDCX, BuyUCoin, and Unocoin: the major crypto-based services providers in the country. As per the report, the result is that nearly 70 crore INR ($9.4 million) have been recovered in tax evasion from the crackdown."The DGGI is investigating Coinswitch Kuber by M/s Bitcipher Labs LLP, CoinDCX by M/s Neblio Technologies PVT. LTD., BuyUCoin by M/S I Block Technologies Pvt. LTD., and Unocoin by M/s Unocoin Technologies Pvt. LTD," sources said.As per an official, these firms have been evading a GST rate of 18% on the services they provide. The increased awareness and crackdown of crypto exchanges like WazirX hints at the increased scrutiny that might follow after the approval of the Crypto Bill.
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