Regulation
India Slaps Binance With $86M Tax Bill
India has taken aim at Binance, the world’s largest crypto exchange. The titan exchange has been hit with a staggering $86 million tax bill by Indian authorities as regards non-compliance issues.
India Issues Tax Bill On Binance
The Indian government has issued a substantial tax bill to Binance, the world’s largest crypto exchange. The Ahmedabad unit of the Directorate General of GST Intelligence (DGGI) has sent a show cause notice to Binance, demanding $86,033,159 in Goods and Services Tax (GST).
The tax recovery notice stems from allegations that Binance collected fees from Indian customers trading in virtual digital assets (VDAs) on their platform without registering under the Indian GST framework. This action highlights India’s efforts to bring cryptocurrency operations under its tax regime.
Binance, which holds an estimated 40% market share in the global cryptocurrency market and operates in over 150 countries, now faces scrutiny from Indian tax authorities. The move is seen as a bold step by the Indian government to assert its regulatory authority over international crypto platforms serving Indian customers.
This development marks a significant milestone in India’s approach to overseeing the rapidly growing virtual currency market within its borders. It may also set a precedent for how other countries deal with global cryptocurrency exchanges operating in their jurisdictions.
Also Read: Tron’s Justin Sun Buys 14,884 Ethereum (ETH) Amid Market Recovery
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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