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Crypto exchange WazirX fined Rs 49.20 crore for Rs 40,5 cr tax evasion
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business-standard.comThe GST officials on Friday said the Mumbai Commissionerate while investigating the business activities of a cryptocurrency exchange, WazirX, detected GST evasion of Rs 40.5 crore.
"The GST of Rs 40.5 crore was not paid. Along with interest and penalty, on December 30, a total of Rs 49.2 crore has been recovered from WazirX," a GST official said.
"WazirX exchange is managed by Zanmai Labs Pvt. Ltd and cryptocurrency WRX is owned by Binance Investment Co. Ltd, Seychelles.
"The exchange provides option to a trader to transact in Rupee or WRX. The WRX has to be purchased from WazirX platform. The company was charging commission on each transaction in cryptocurrency from buyer and seller both. But they were not paying the tax to Government,"
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