Binance questions India's $86 million tax penalty

2024-08-06 15:08:44

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ChainCatcher news, according to CoinDesk, Binance has challenged a tax penalty notice of nearly $86 million issued by the Indian tax authorities.

A person directly involved in the matter revealed that the Directorate General of Goods and Services Tax Intelligence (DGGI) sent this notice requesting clarification to Binance last week. The notice pertains to the fees charged by Binance to Indian customers from July 2017 to March 2024.

It is reported that the DGGI is an agency responsible for collecting, organizing, and disseminating intelligence on indirect tax evasion, under the Ministry of Finance of India.

In response to the notice from the DGGI, Binance stated that it has always been committed to complying with the relevant regulations applicable to Binance. The company is fully cooperating with Indian authorities to resolve any issues and is dedicated to maintaining the highest standards of compliance and transparency in the industry. Binance is currently reviewing the relevant details and is fully cooperating with the Indian tax authorities.

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