India Accuses 17 Crypto Exchanges of Tax Evasion
Date: 2024-12-05 Author: Henry Casey Categories: IN WORLD
The Finance Ministry reported that as a result of the audits, fiscal authorities managed to collect more than 122 crore rupees (about $14 million) in taxes, fines, and penalties. The penalties affected not only the companies themselves, but also their top managers. An additional 2.40 crore rupees (about $30,000) were collected from them.
Particular attention was paid to Nest Services, which is part of the Binance Group. It is accused of concealing taxes in the amount of 722.43 crore rupees (about $85 million). Representatives of the Finance Ministry clarified that the issue of the debt of Nest Services and Binance Group remains unresolved.
Binance's troubles in India began in August, when tax authorities said the exchange had failed to pay taxes worth Rs 722 crore ($86 million). This caught the attention of the authorities, prompting a major probe into the cryptocurrency sector.
The Indian authorities are thus seeking to tighten tax controls over the crypto industry to ensure transparency and compliance.
