The Indian government has disclosed that cryptocurrency companies such as Binance and WazirX are evading taxes
ChainCatcher news, according to Cointelegraph, Indian Deputy Finance Minister Pankaj Chaudhary disclosed in a parliamentary inquiry response that the government has identified 17 cryptocurrency exchanges involved in goods and services tax (GST) evasion cases, totaling $970 million. Among them, Binance is being pursued for $850 million, WazirX for $4.8 million, CoinDCX for $1.9 million, and CoinSwitch Kuber for $1.7 million.As of now, WazirX has paid $5.8 million, which is 20% more than the original amount due, including penalties and interest. However, some exchanges, such as Binance and Hyperux Technologies, have yet to pay their taxes.In response, a Binance spokesperson stated that the company is actively cooperating with regulatory investigations and will properly address the related tax issues. WazirX claimed that the tax violations stemmed from the unclear GST regulations for cryptocurrencies in India during its early stages.