Half a Dozen of India’s Crypto Exchanges Searched After Alleged Rupee 700M Tax Evasion Detected: Sources

Half a Dozen of India’s Crypto Exchanges Searched After Alleged Rupee 700M Tax Evasion Detected: Sources
India’s tax authorities have conducted searches at some of India’s biggest cryptocurrency exchanges including “Coinswitch Kuber, CoinDCX, BuyUCoin, and Unocoin after what they deemed tax evasion of Rs. 40.5 Crores (400 million INR or 6 million USD approx.) was detected at cryptocurrency exchange WazirX, according to sources.On Dec. 30, a team of officers from CGST(Goods & Services Tax and Central Excise) Mumbai East Zone, tax authorities in India’s financial capital, Mumbai, tweeted saying they “had detected GST Evasion of Rs 40.5 Cr. … & recovered Rs 49.2 Cr. in cash as GST, interest & Penalty.” On Dec. 31, the tax…