Officials from the Directorate General of GST Intelligence in India were able to detect goods and services tax evasion worth 70 million rupees, according to official reports. Coinswitch Kuber, CoinDCX, BuyUCoin, and Unocoin were investigated. Based on official sources, they allegedly offered the service of buying and selling cryptocurrencies, evading the official tax rate. This type of trade is subject to Goods and Services Tax (GST) in India, which is 18%.
The crypto service providers had to pay a penalty of 40 million rupees and interest worth 30 million rupees for circumventing the GST law.
Earlier on Friday, the GST Mumbai East Commissionerate of Mumbai Zone uncovered a GST evasion of 40.5 million rupees at cryptocurrency exchange WazirX and confiscated 49.20 million rupees in cash-related to the evaded GST, interest, and penalties.