The total amount of damage exceeded $12,6 million

​Indian authorities accused 11 crypto exchanges of tax evasion

29.03.2022 - 08:40

249

1 min

What’s new? India’s Finance Minister Pankaj Chaudhary has reported tax evasion by 11 crypto exchanges, including major platforms like CoinSwitch and CoinDCX. Newsroom Post reports.

News on the Newsroom Post website

What else is known about the violations? The total amount of unpaid sales taxes is $12,6 million, with another $1,9 million assessed as penalties and late fees. CoinDCX has reportedly already rectified the violations and paid the missing amount of taxes, including additional charges, to the state.

On 1 April, a new crypto tax law will come into effect in India. Indians will start paying a capital gains tax of 30% on crypto transactions. Also, Indian residents will have to pay a 1% tax deducted at source (TDS) and taxes on crypto gifts, without the ability to make deductions for losses.

Author:

Michael Golikov Michael Golikov

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