Crypto Exchange Firms and others face DGGI anger for escaped out from GST
Categories: Crypto News
DGGI raids on Cypto exchange: The directroit general of GST intelligence,DGGI has launched drive on cryptocurrency exchangees in the country since last week. this is because the cryptocurrency exchanges have apparently evaded goods and services tax worth crores,the central organisation has told the media.The crypto firms have been put under scanner at a time when India is under the process to prepare a legal framework to regulate how the digital tokens carry out operations in the country. "Around half dozen offices of Cryptocurrency service providers have been searched and massive goods and service Tax(GST) evasion has been detectedby DGGI," new agency ANI reported quoting sources. Cryptocurrency wallets or exchange platform are website though which customers and merchants can carry out trading of crypto coins like Bitcoin,Etherium,Dogcoin and others.Some of platforms that have been raided. The media house further said thatthe mumbai cgst and dggi during their individual raids have detected evasions worth rs 70crore.a top source told ANI that the crypto service providers paid rs30 crore and rs 40crore as GST, interest and penalty for non-compliance to the statutory provisions of GST law.