DGGI detects Rs 70-crore tax evasion after crackdown on crypto exchanges

After the massive tax evasion by WazirX, one of the largest cryptocurrency exchanges in India, came to the fore, the Directorate General of GST Intelligence (DGGI) cracked down on crypto exchanges across the country, news agency ANI reported quoting sources.During the DGGI crackdown, around half a dozen offices of cryptocurrency service providers were searched and massive Goods and Service Tax (GST) evasions were detected.Tax evasions worth Rs 70 crore were reportedly unearthed by the DGGI and the Mumbai CGST during the crackdown.

Sources told ANI, “The DGGI is investigating Coinswitch Kuber by M/s Bitcipher Labs LLP, CoinDCX by M/s Nebilo Technologies Pvt Ltd, BuyUCoin by M/s I Block Technologies Pvt Ltd, (and) Unocoin by M/s Unocoin Technologies Pvt Ltd.”