Topic: [2022-01-01] Indian Authorities Raid Cryptocurrency Exchanges for Tax Evasion (Read 240 times)
January 22, 2022, 11:51:54 AM
The state will always strive to increase tax deductions and find those who do not want to pay what they should. Another question is why it is cryptocurrencies that cause such a passionate desire to fight them, when the market for drugs and weapons, prostitution does not pay taxes in most countries and this is a much larger amount than the overall capitalization of the cryptocurrency market. It would be better if the state first put things in order there.
January 18, 2022, 07:12:55 AM
People in the crypto industry should pay taxes by their own. It would had been a great headline if such exchanges had paid their GST on time and set an example showing the nation how much crypto is contributing towards the Taxes.
Crypto communities have always helped their countries, be it Covid relief or any other such requirements - people of the crypto communities have helped.
Surely the rules and the laws regarding crypto isn't all that clear and perhaps in time when the crypto bill goes live, it will be easier for these exchanges to pay their due.
Crypto communities have always helped their countries, be it Covid relief or any other such requirements - people of the crypto communities have helped.
Surely the rules and the laws regarding crypto isn't all that clear and perhaps in time when the crypto bill goes live, it will be easier for these exchanges to pay their due.
I absolutely agree with what you said. The thing is that it's not obvious for some entities in crypto industry that trying to not break the law is actually a good thing. Some people want to see themselves as rebels, or, pirates, if you will, and pirates don't pay taxes, so they think it's cool to do the same.
Not everyone in the crypto industry is like that, of course, but it is unclear, especially to those from the older generation, that breaking the law is not cool anymore.
January 14, 2022, 10:48:10 AM
People in the crypto industry should pay taxes by their own. It would had been a great headline if such exchanges had paid their GST on time and set an example showing the nation how much crypto is contributing towards the Taxes.
Crypto communities have always helped their countries, be it Covid relief or any other such requirements - people of the crypto communities have helped.
Surely the rules and the laws regarding crypto isn't all that clear and perhaps in time when the crypto bill goes live, it will be easier for these exchanges to pay their due.
Crypto communities have always helped their countries, be it Covid relief or any other such requirements - people of the crypto communities have helped.
Surely the rules and the laws regarding crypto isn't all that clear and perhaps in time when the crypto bill goes live, it will be easier for these exchanges to pay their due.
January 13, 2022, 08:07:30 AM
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But this one must be wrong, some translation issue although it from an Indian newspaper
5 million euros in cash?
But this one must be wrong, some translation issue although it from an Indian newspaper
Quote
The GST Mumbai (East Commissionerate Zone), while investigating the business activities of cryptocurrency exchange WazirX, detected GST evasion of Rs 40.5 crore. In a statement, the agency said that they have recovered Rs 49.20 crore in cash from the firm which includes interest and penalty.
5 million euros in cash?
I think the number is legit, because they keep repeating it in various news outlets. And why not? WazirX is not exactly the most law abiding company. It was claimed earlier that they were involved in money laundering, and it is likely that they just bribed the police to close the case(I may be wrong, but it's my impression of how things done in India most of the time). Keeping millions euros in cash just in case is not uncommon for such firms.
January 12, 2022, 10:19:20 AM
Seeing that crypto exchanges are also being raided for non tax compliance does this mean that bitcoin and other cryptocurrencies are recognized in imdia because the last time i read the legal standing point for these digital currencies in this country they where not in good books with the law...
You don't; have to recognize something in order to impose a tax on it.
Here the financial inspectors could go through your accounts and see that you have received let's say 2000 euros from somebody, you argue that is freelancing then you need to pay tax, even if you haven't worked in line with the normal contracts here. So you won't get health benefits or pension funds like a regular person but you still need to pay tax on income.
Same with the exchanges, they don't care about what they do, they have a money flow that is going to be taxed, if they do something unlawfully (which they don't) that would be for the police.
As for wazirx reaction:
Quote
Five days after the GST department fined cryptocurrency exchange WazirX, its management firm said that it “voluntarily paid additional GST in order to be cooperative and compliant".
Yeah bs, they were caught cooking the books and they paid immediately, that all, when you fake numbers and claim billions in trade volume those are the consequences everyone will pay attention to your funds.
But this one must be wrong, some translation issue although it from an Indian newspaper
Quote
The GST Mumbai (East Commissionerate Zone), while investigating the business activities of cryptocurrency exchange WazirX, detected GST evasion of Rs 40.5 crore. In a statement, the agency said that they have recovered Rs 49.20 crore in cash from the firm which includes interest and penalty.
5 million euros in cash?
January 12, 2022, 08:05:48 AM
I thought crypto was already banned in India. In general, this country has a very strange attitude to the crypto industry.
January 09, 2022, 05:09:33 PM
Seeing that crypto exchanges are also being raided for non tax compliance does this mean that bitcoin and other cryptocurrencies are recognized in imdia because the last time i read the legal standing point for these digital currencies in this country they where not in good books with the law... but today they seem to be legal tender which is good for us,hope this influences other countries to follow suit.
January 02, 2022, 04:40:04 AM
I was a bit surprised at reading such news about platforms that charge significant withdrawal fees for BTCitcoin and a few other cryptocurrencies... One of them [BuyUcoin], explicitly mentioned their maker/taker fee already includes GST, and yet, they've kept that to themselves [SMH]!
- Although stuff like this might paint the wrong picture about cryptocurrencies in general, I'm glad they were able to catch them in the process.
- Although stuff like this might paint the wrong picture about cryptocurrencies in general, I'm glad they were able to catch them in the process.
January 01, 2022, 03:51:58 PM
Indian Authorities Raid Cryptocurrency Exchanges for Tax Evasion
https://news.bitcoin.com/indian-authorities-raid-cryptocurrency-exchanges-tax-evasion/
"India’s Directorate General of GST Intelligence (DGGI) reportedly raided major cryptocurrency exchanges Saturday. Their offices were searched and “massive goods and services tax (GST) evasion has been detected by DGGI.”"
https://news.bitcoin.com/indian-authorities-raid-cryptocurrency-exchanges-tax-evasion/
"India’s Directorate General of GST Intelligence (DGGI) reportedly raided major cryptocurrency exchanges Saturday. Their offices were searched and “massive goods and services tax (GST) evasion has been detected by DGGI.”"
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