Cryptocurrency exchange WazirX fined Rs 49.20 crore for GST evasion

WazirX exchange is managed by Zanmai Labs Private Limited Ltd and cryptocurrency WRX is owned by Binance Investment Co. Ltd, Seychelles.

The Goods & Services Tax (GST) department has penalised cryptocurrency exchange WazirX Rs 49.20 crore for evading legal taxes, officials said.

The GST Mumbai (East Commissionerate Zone), while investigating the business activities of cryptocurrency exchange WazirX, detected GST evasion of Rs 40.5 crore. In a statement, the agency said that they have recovered Rs 49.20 crore in cash from the firm which includes interest and penalty.