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.

Complete News Source : Gadgets360