The government is keeping an eye on cryptocurrencies and those doing business related to it. This is the reason why the Central Government has collected Rs 95.86 crore as penalty and interest through 11 non-payment of GST crypto exchanges. Let us tell you, this information has been given by the Union Minister of State for Finance, Pankaj Chaudhary, in response to the question asked in Parliament.
How many cryptoexchanges are there in the country? In response to this question, it has been said on behalf of the government that we do not collect any such data. According to the Union Minister, cases of GST evasion by cryptocurrency exchanges were detected by the GST structures. The agency has detected total theft of Rs 81.54 crore by all the cryptocurrency exchanges.
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WazirX’s company Zanmai Labs PVT ltd has recovered Rs 49.51 crore. In December 2021, the Central Goods and Services Tax detected tax evasion of Rs 40.5 crore from the WazirX exchange. On behalf of the company, it has been said on this whole matter that our motive has never been to hide the tax. All have been paid by the company along with penalty.