Indian Government Reveals 11 Crypto Exchanges Investigated for Tax Evasion, $13 Million Recovered

https://motleybloggers.com/wp-content/uploads/2022/03/indian-government-reveals-11-crypto-exchanges-investigated-for-tax-evasion-13-million-recovered.jpg

Indian Government Reveals 11 Crypto Exchanges Were Investigated for Tax Evasion, $13 Million Recovered

The Indian government has revealed that 11 cryptocurrency exchanges have been under investigation by the country’s tax authority. About 95.86 crore rupees ($12.6 million) have been recovered from them.

11 Crypto Exchanges Investigated for Tax Evasion

The Indian government answered some questions regarding the taxation of cryptocurrency exchanges Monday in Lok Sabha, the lower house of parliament.

Parliament member S. Ramalingam asked the finance minister “whether it is true that some cryptocurrency exchanges were involved in evasion of goods and services tax (GST) and it was also detected that other cryptocurrency exchanges and major investors in digital currencies are under investigation by the government.”

In addition, the parliament member asked the finance minister about “the action taken or proposed to be taken by the government against those cryptocurrency exchanges that were detected in GST evasion.”

The minister of state in the ministry of finance, Pankaj Chaudhary, replied:

Few cases of evasion of goods and services tax (GST) by cryptocurrency exchanges have been detected by Central GST formations.

He revealed that 11 cryptocurrency exchanges were investigated and tax evasion in the amount of 81.54 crore rupees were detected. The tax authority has recovered 95.86 crore rupees, including interest and penalty.

The minister of state provided a list of the 11 exchanges investigated: Coindcx, Buyucoin, Coinswitch Kuber, Unocoin, Flitpay, Zeb IT Services (Zebpay), Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India, Wazirx, and Discidium Internet Labs. The exchanges with the most evasion detected were Wazirx, Coindcx, and Coinswitch Kuber, according to the list.

Lok Sabha member Ramalingam also asked the finance minister “whether the government has any data regarding the number of cryptocurrency exchanges that are presently involved in cryptocurrency exchange business in the country.”

Minister Chaudhary replied:

The government does not collect any data on cryptocurrency exchanges.

Meanwhile, Indian Finance Minister Nirmala Sitharaman has proposed taxing crypto income at 30% and imposing a 1% tax deducted at source (TDS) on every crypto transaction. A parliament member recently urged the government to reconsider imposing the 1% TDS, stressing that it will kill the crypto asset class.

What do you think about the minister of state’s answers? Let us know in the comments section below.

Origina post from
https://motleybloggers.com/indian-government-reveals-11-crypto-exchanges-investigated-for-tax-evasion-13-million-recovered/

Comments

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this report, we relis

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionary, Daniel Pinchbeck, pointed out a

Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam

https://motleybloggers.com/wp-content/uploads/2022/05/bitcoin-ethereum-technical-analysis-eth-back-under-2000-as-balenciaga-gains-lose-steam.jpg Following strong gains to start the week, BTC once again fell under $30,000, as crypto prices moved lower on Tuesday. The downturn follows up from yesterday’s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH also dropped, falling under $2,000 today. Bitcoin Bitcoin fell under $30,000 on Tuesday, as bears returned to action following a green start to the week. Following a high of $30,547.50 during Monday’s session, BTC /USD fell to an intraday low of $28,975.56 earlier today. Today’s drop saw BTC fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded. BTC /USD – Daily Chart Since then, bears have now pushed prices closer to support at $28,800, which is an area where BTC has resided over the past few weeks. Looking at the chart, the 14-day Relative Strength Ind

motleybloggers

Search This Blog