Major Indian Crypto Exchanges Blamed for Tax Evasion

[mlawson71]

Some of the biggest cryptocurrency exchanges in India got raided by tax authorities recently, because the agency suspected them of tax evasion. Some of the exchanges in question are CoinDCX, CoinSwitch Kuber, Unocoin and BuyUCoin.
According to local media, the alleged tax evasion from Mumbai CGST and DGGI alone amounts to some 9.41 million US dollars.
The raid was prompted by authorities detecting that WazirX, which is one of the largest exchanges in the country and is owned by Binance, had allegedly evaded some 6 million US dollars in taxes in December.
The exchange issued a statement where it claims that here is an “ambiguity in the interpretation of one of the components which led to a different calculation of GST paid”, shifting the blame to the tax authority in India.
Source
I wonder if this crackdown is a prelude to actually banning cryptos in India, like they have been planning to do for quite a while now.

 

[mastermind007]

Initially when Bitcoin was launched, I liked the idea of having one single currency that was global and usable everywhere in the world without any conversion,
but now with so many crypto coins, that has turned meaningless. Convert local nation's currency to USD. Convert USD to crypto. Therefore crypto essentially works for
those who want to hide funds but aren't rich enough to rely on swiss (or cannot use 'em)