No intention to evade tax, regulatory clarity needed for Indian cryptocurrency: WazirX on GST penalty
India Today
Five days after the GST department fined cryptocurrency exchange WazirX, its management firm said that it “voluntarily paid additional GST in order to be cooperative and compliant".
Days after the Goods & Services Tax (GST) department fined cryptocurrency exchange WazirX, its management firm said in a statement on Monday that it “voluntarily paid additional GST in order to be cooperative and compliant".
In a statement on December 31, the Mumbai zone department of GST said that it has penalised cryptocurrency exchange WazirX Rs 49.20 crore for evading legal taxes. The department alleged that while the GST Mumbai (East Commissionerate Zone) was investigating the business activities of cryptocurrency exchange WazirX, it detected GST evasion of Rs 40.5 crore.
