India has recovered $14 million in goods and services tax from crypto firms like WazirX, but Binance has yet to pay its $85 million tax evasion liabilities, the minister said.
The Indian government has detected a significant amount of unpaid goods and service taxes (GST) by major cryptocurrency exchanges, including Binance and WazirX.
India’s Minister of State for Finance, Pankaj Chaudhary, said the government has found 824 crore Indian rupees ($97 million) in GST in unpaid taxes by several crypto exchanges, The Economic Times reported on Dec. 3.
Authorities have reportedly initiated multiple related investigations into crypto exchanges, including WazirX, CoinDCX and CoinSwitch Kuber.
