In response to a question posed to the minister of finance, Chaudhary said that while the government does not collect any data on cryptocurrency exchanges, the CGST had detected GST evasion to the tune of Rs 81.54 crore. With penalties, these exchanges paid Rs 95.86 crore, the response stated.
In his response in Parliament, Chaudhary named the following 11 crypto exchange companies: CoinDCX, Buy Ucoin, CoinSwitch Kuber, Unocoin, Flitpay, Zeb IT Services Pvt Ltd, Secure Bitcoin Traders Pvt Ltd, Giottus Technologies, Awlencan Innovations India Pvt Ltd (ZebPay), Zanmai Labs (WazirX), and Discidium Internet Labs.
The list showed
WazirX evaded the highest amount of GST – Rs 40.51 crore – followed by CoinDCX (R 15.70 crore) and CoinSwitch Kuber (Rs 13.76 crore).
While GST evasion by crypto exchanges came to light in January, the extent of the evasion was previously unknown.
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On January 4, ET reported that multiple crypto selling platforms were being scrutinised for tax evasion. The platforms for their part said that
they did not have clarity on “applicable provisions”.
On March 25, the Lok Sabha approved the Finance Bill 2022, turning into law the new tax framework for crypto assets that finance minister Nirmala Sitharaman had proposed in her budget speech in February.
