• February 27, 2024

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Indian Authorities Reveal Tax Evasion by 11 Crypto Exchanges

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India’s 11 leading crypto exchanges, including CoinDCX and CoinSwitch, have evaded sales tax and must pay 95.86 crores or $12.58 million, Finance Minister Pankaja Chaudhary said this in a letter to the upper house of parliament.

The platforms have been additionally charged 14.32 crores or $1.88 million in fines, interest and penalties.

In particular, CoinDCX violations were estimated at 15.7 crores or $2.06 million. The exchange has already paid 17.1 crores or $2.24 million to the state, including additional charges. According to CoinSwitch, these values ​​were respectively 13.76 crores or $1.81 million and 16.07 crores or $2.11 million.

In March, the Ministry of Finance determined that when calculating taxes traders will not be able to offset losses in one digital asset with gains in another. Starting next month, the tax rate on profits from operations with cryptocurrencies will be 30%.