India’s GST authorities have reported a $99.1 million tax evasion case involving 17 cryptocurrency exchanges operating in the country. Nest Services Ltd., a company linked to Binance Group, is accused of evading $86.8 million in GST. The investigation has already led to the recovery of $14.7 million in taxes, penalties, and interest, with further recoveries expected.
This is not the first instance of the government acting against crypto exchanges. In 2021-22, 11 platforms were penalized for tax evasion, with $1.08 million in unpaid taxes identified.
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