Raid On Cryptocurrency Service Providers: Allegations of massive tax evasion in the world of cryptocurrency. Complaints were made against a crypto service provider. The Directorate General of GST Intelligence (DGGI) has taken major action against some of the country's largest cryptocurrency service providers. According to the source, the offices of these companies were raided on suspicion of huge tax evasion.
Raid On Cryptocurrency Service Providers:
Allegations of massive tax evasion in the world of cryptocurrency. Complaints were made against a crypto service provider. The Directorate General of GST Intelligence (DGGI) has taken major action against some of the country's largest cryptocurrency service providers. According to sources, the offices of these companies were raided on suspicion of massive tax evasion.
The WazirX office was also raided
The Directorate General of Goods and Services Tax Intelligence (DGGI) also raided the cryptocurrency exchange service provider WazirX. Recently, the company was fined Rs 49.20 crore for massive tax evasion. While investigating the business activities of WazirX, the Mumbai team of the GST department, it was learned that GST evasion of Rs 40.5 crore had taken place. The agency said in a statement that it had recovered a total of Rs 49.20 crore in fines and interest from the company.
The cryptocurrency market in the country will be regulated
Within months of the state government's decision to regulate the cryptocurrency market, DGGI launched an investigation into GST evasion on cryptocurrency exchanges. Currently, the country's cryptocurrency market is out of control. The government proposed a bill to control it.
According to news agency ANI, DGGI raided the offices of almost half of cryptocurrency service providers. According to sources, the amount of tax evasion of Yatax could be up to Rs 60 crore.
These services are used for cryptocurrency transactions. Where other digital currencies like Bitcoin, Ethereum, Ripple are bought and sold.
Further investigations are underway into those companies
DGGI is currently investigating companies such as CoinSwitch Kuber, CoinDCX, BuyUCoin, and UnoCoin.