WazirX is fined $6.62 million by an Indian taxman for avoiding commission taxes

Listen to this Article Now
Getting your Trinity Audio player ready...
Spread the love

Following non-payment of Goods and Services Tax (GST) on trade commissions, Indian crypto exchange WazirX is said to have paid over $6.6 million (49.2 crore rupees). The overall recovery includes a $5.43 million (40.5 crore rupees) overdue tax, interest, and a non-payment penalty.

After discovering a $5.43 million GST evasion on the commissions, government officials from the Central GST and Central Excise Committee (CGST Mumbai Zone) retrieved the monies from the crypto exchange. Creating bogus invoices without actually moving items between the seller and the customer is a common GST fraud.