Technology
WazirX Fined Rs 49.2 Crore for Tax Evasion Worth Rs 40.5 Crore
The commissioner of GST Mumbai East of Mumbai District detected GST tax evasion worth 4.05 billion rupees on Friday and recovered 492 billion rupees in cash from the cryptocurrency exchange WazirX, which was related to GST escape, interest and fines.
According to the commissioner’s press release, tests were conducted while investigating the business activities of the exchange, which is managed by Zanmai Laboratories, and the cryptocurrency WRX is owned by Seychelles Binance Investment.
According to the press release, the exchange offers traders the option of trading in rupees or WRX. WRX must be purchased from the WazirX platform. Taxpayers charge commissions for every cryptocurrency transaction between buyers and sellers, it said. “However, the commission rates for the two transactions are different. The rupee transaction attracts a commission of 0.2%, while the WRX transaction attracts a commission of 0.1%,” the press release added.
During the investigation, it was discovered that taxpayers used to collect transaction fees, deposit fees and withdrawal fees from commissions. Taxpayers only pay GST for commissions earned in rupees, but not GST for commissions earned in WRX. An 18% consumption tax applies to these transaction fees. Rupee consumption tax. US$405 million was unpaid and was paid on December 30, together with interest and fines. Total rupees. US$492 million has been recovered from the WazirX site. Further investigation is ongoing.
The above case is part of a special anti-tax evasion campaign launched by CGST Mumbai District, which relies on intensive data mining and data analysis. CGST Mumbai district officials are investigating business transactions related to emerging economic sectors such as e-commerce, online games, and non-fungible tokens to determine areas where tax evasion may be possible.
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.jpg "SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad")
SpiceJet expands its domestic network with 8 new flights that will connect Jaipur with Varanasi, Amritsar and Ahmedabad and also link Ahmedabad with Pune.
SpiceJet is further expanding its domestic network with the launch of eight new flights starting November 15.
In the statement released on Wednesday, the airline announced that these new routes will connect Jaipur with Varanasi, Amritsar and Ahmedabad, while also linking Ahmedabad with Pune. This expansion follows the recent launch of 32 new flights in October 2024, including two international flights connecting Delhi with Phuket.
Last month, SpiceJet also commenced UDAN flights linking Shivamogga in Karnataka with Chennai and Hyderabad, and introduced double daily flights between Chennai and Kochi, enhancing connectivity across key regional and metropolitan cities.
“We are excited to announce the launch of new flights from Jaipur to Varanasi, Amritsar, and Ahmedabad, as well as from Ahmedabad to Pune, providing our passengers with greater flexibility and convenience,” SpiceJet Chief Business Officer Debojo Maharshi said.
“These new flights reflect our commitment to supporting passenger demand across tier-II cities and beyond. With our expanded winter schedule, including international and UDAN routes, we aim to provide our customers with greater convenience, affordability, and seamless travel experiences,” Maharshi added.
SpiceJet will deploy its 78-seater Q400 aircraft in these sectors. Bookings for the new flights are now open and tickets are available at the website of the airline, SpiceJet’s mobile app and through online travel portals and travel agents.
On Monday, the airline received a significant boost, with Acuite Ratings & Research Limited upgrading its long-term rating by four notches to ‘B ‘ and its short-term rating to A4. The rating agency has also assigned a ‘Stable’ outlook to the airline.
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