No Data On Cryptocurrency Exchanges, But the Govt Collected Penalty for GST Evasion
Moneylife Digital Team 28 March 2022
Strange as it may sound, the Union government does not collect any data on cryptocurrency exchanges in India. However, it has investigated 11 cryptocurrency exchanges and recovered Rs95.86 crore, including interest and penalty, the Lok Sabha was informed. 
 
In a written reply, Pankaj Chaudhry, minister of state for finance, says, "The government does not collect any data on cryptocurrency exchanges. Few cases of evasion of goods and services tax (GST) by crypto-currency exchanges have been detected by the central GST formations."
 
S Ramalingam, a member of Parliament (MP), has asked for data on the number of cryptocurrency exchanges and whether these exchanges are involved in any evasion of GST.
 
 
Mr Chaudhry informed the lower house that 11 cryptocurrency exchanges, including Coin DCX, Buy Ucoin, CoinSwitch Kuber, UnoCoin, Flitpay, Zeb IT Services Pvt Ltd, Secure Bitcoin Traders Pvt Ltd, Giottus Technologies Pvt Ltd, Awlencan Innovations India Ltd (Zebpay), Zanmai Labs Pvt Ltd (WAZIRX) and Discidium Internet Labs Pvt Ltd, were booked for evading GST worth Rs81.54 crore.
 
 
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