bitcoin in india
Indian taxman recovers $6.62M from WazirX for evading tax on commission
Indian crypto exchange WazirX has reportedly paid over $6.6 million (49.2 crore rupees) following non-payment of Goods and Services Tax (GST) on trade commissions. The total recovery includes the pending tax of $5.43 million (40.5 crore rupees), the interest and a penalty for non-payment. Government officials from the Central GST and Central Excise committee (CGST Mumbai Zone) recovered the funds from the crypto exchange after detecting a GST evasion of $5.43 million on the commissions. A typical GST fraud involves creating fake invoices without actually moving the goods between the seller and the buyer. Officers of CGST Mumbai East comm’te have detected GST Evasion of Rs 40.5 Cr. on commission of Wazir X Crypto Currency & recovered Rs 49.2 Cr. in cash as GST, interest & Pena...
Indian police commissioner issues a public warning against crypto frauds
The Additional Commissioner of Police Shikha Goel warned Indian citizens about the rise in cybercrime in an event hosted by the city police of Hyderabad, India, suggesting not to transfer cryptocurrencies to unauthorized private wallets. Goel highlighted the various methods that are actively being used by fraudsters to dupe investors such as lucrative investment opportunities, illegitimate bank transfers and cryptocurrencies. Acknowledging the growth of Indian crypto users, Goel added: “They [fraudsters] ask you to share your cryptocurrency details. And once you put it in your wallet, then the money is taken away.” After simplifying the elaborate fraud in a sentence, Goel also highlighted that sixteen such cases have been registered involving cryptocurrencies. Do not transfer your cryptocu...
