Rs 95.86 crore recovered from 11 cryptocurrency exchanges for GST evasion: Government

In a written reply to Lok Sabha, Minister of State for Finance Pankaj Chaudhary said 11 cases of evasion of GST by cryptocurrency exchanges have been detected by Central GST formations.

New Delhi: The government on Monday said Rs 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST) which included penalty and interest. Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay were among the exchanges that were involved in GST evasion cases. Others were Zeb IT Services, Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India (Zebpay) and Discidium Internet Labs.

Minister of State for Finance Pankaj Chaudhary in a written reply to Lok Sabha said that 11 cases of evasion of GST by cryptocurrency exchanges have been detected by Central GST formations. Evasion of Rs 81.54 crore was detected and Rs 95.86 crore was recovered (including interest and penalty), he said. Rs 49.18 crore was recovered from Zanmai Labs (WAZIRX), Rs 17.1 crore from Coin DCX, and Rs 16.07 crore from CoinSwitch Kuber.