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India identifies 11 crypto exchanges accused of tax evasion

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The tax authority of India has seized Rs. 95.86 crore ($12.6 million) from 11 on alleged tax evasion.

According to CoinDesk, the Directorate General of Goods and Services Tax of India (DGGI), which oversees tax collection in India, previously seized around Rs. 84 crore (about 11.0 million USD) in taxes and an additional Rs. 1.1 crore ($145,000) fine in January. Finance Minister Pankaj Chaudhary said the figure was closer to 95.86 crore ($12.6 million) in a written response to the House of Representatives of India. Degree on Monday (March 28) last.

In January 2022, DGGI only confirmed the seizure of funds from six crypto exchanges, including India's largest exchanges: WazirX, CoinDCX, BuyUCoin, and Unocoin.

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India's tax authority has launched an investigation with WazirX, CoinSwitch Kuber, CoinDCX, BuyUCoin and Unocoin following what is alleged to be tax evasion of Rs. 40.5 crore ($5.3 million). The tax authority said in a statement that it was part of a special campaign against tax evasion. On Monday, Chaudhary updated the number to 11 exchanges.

According to the data presented in Parliament, Zanmai Labs, which operates as a WazirX exchange, has evaded Rs 40.5 crore. Second on the list is Coin DCX, over Rs 15.70 crore, followed by CoinSwitch Kuber and Giottus Technologies. These exchanges have repaid Rs 17.10 crore and Rs 3.50 crore respectively including interest and penalties.

This comes about two months after the government proposed a tax on virtual digital asset (VDA) income in the 2022–23 Union Budget. Income from the transfer of any virtual digital assets will be taxed at 30%. Furthermore, it is not allowed to deduct any expenditures or allowances in the calculation of such income, with the exception of acquisition costs. In addition to the Capital Gains Tax, Indians buying or selling cryptocurrencies will have to pay a 1% tax withheld at source by July 1.

With India having no official policy on cryptocurrencies, the government is working on legislation to regulate them, however, a draft has yet to be released

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