India’s tax authorities have conducted searches at some of India’s biggest cryptocurrency exchanges including CoinSwitch Kuber, CoinDCX, BuyUCoin, and Unocoin.
The move comes as a result of what they deemed tax evasion of approximately USD 6 million was detected at cryptocurrency exchange WazirX. The case is a part of the special anti-tax evasion drive, which relies on intensive data mining and data analytics, initiated by the CGST Mumbai Zone.
The agency announced that it will cover all the cryptocurrency exchanges falling in Mumbai zone and will intensify this drive in the coming days. The Binance-owned WazirX blamed a lack of clarity in regulation for the matter, saying it has been diligently paying tens of crores worth of GST every month.
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