TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Indore Honeymoon Murder: Wife Sonam Surrenders in UP

    Sonam confesses to role in husband Raja Raghuvanshi’s murder

    Can PM Modi’s Visit Nudge Canada Toward Action on Khalistani Extremism?

    ‘Canadian PM Mark Carney Needs to Handle Khalistan Issue Diplomatically’

    what religious trends say about our future

    Islam to See Highest Population Growth Among Religions, Finds Pew Research

    PM Modi on 11 years of infrastructure revolution

    PM Modi Highlights 11 Years of Infrastructure Revolution, Making India World’s Fourth Largest Economy

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    India Ranks 2nd Globally in Social Security Coverage for the Poor, Says ILO

    India Ranks 2nd Globally in Social Security Coverage for the Poor, Says ILO

    real estate

    India Retains Top Spot Among Global Investment Hubs for Land and Development Projects

    How a Compound Interest Calculator Can Boost Your Returns in India?

    How a Compound Interest Calculator Can Boost Your Returns in India?

    Crisil Forecasts Another Rate Cut in FY26, Pegs India’s GDP Growth at 6.5%

    Crisil Forecasts Another Rate Cut in FY26, Pegs India’s GDP Growth at 6.5%

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    India-Russia Pact on the Su‑57 as a Leap of Strategic Trust

    From Buyer to Partner: What the Su‑57 Means for India’s Military Autonomy Inside Russia’s Su‑57 Gamble with India

    Dassault and Tata to Begin Rafale Fuselage Production in India

    Dassault and Tata to Begin Rafale Fuselage Production in India, Marking Major Milestone in Defence Manufacturing

    Mock Drills Under ‘Operation Shield’ Scheduled Today in Border States and UTs

    Mock Drills Under ‘Operation Shield’ Scheduled Today in Border States and UTs

    New Delhi: Indian Army Brahmos Missile System during a rehearsal for Republic Day Parade, in New Delhi on Friday, January 20, 2023. (Photo: Anupam Gautam/IANS)

    India’s Defence Manufacturing Set to Reach ₹8.8 Lakh Crore by 2047: CII-KPMG Report

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Pakistan hikes defence Budget, prioritizes ammunition over growth

    Pakistan Hikes Defence Budget by 20 PC , Prioritizes Ammunition Over Growth

    Can PM Modi’s Visit Nudge Canada Toward Action on Khalistani Extremism?

    ‘Canadian PM Mark Carney Needs to Handle Khalistan Issue Diplomatically’

    Can PM Modi’s Visit Nudge Canada Toward Action on Khalistani Extremism?

    Can PM Modi’s Visit Nudge Canada Toward Action on Khalistani Extremism?

    Chinese Researcher Arrested for Smuggling Biological Material to U.S.

    Chinese Researcher Arrested for Smuggling Biological Material to US University Amid Security Concerns

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    The Vedic Ethos: A Civilization of Knowledge and Inquiry

    From Rigvedic Wisdom to Modern Decay: How Islamisation Crushed a Knowledge Civilization

    Ram Mandir Pran Pratishtha 2.0

    Thousands Gather in Ayodhya for Ram Darbar Pran Pratishtha Ceremony

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Bangalore: High Court of Karnataka in Bangalore. (Photo: IANS)

    RCB Moves HC to Quash FIR in Bengaluru Stampede Case, Cites Govt Approval for Celebration

    Slot Machines for Indian Players: Exclusive Gameplay for Real Money

    Slot Machines for Indian Players: Exclusive Gameplay for Real Money

    In December 2024, D. Gukesh Dommaraju, then just 18, became the youngest undisputed World Chess Champion

    The Gukesh Effect: How a Teen Grandmaster Is Reshaping Indian Chess and Reclaiming Its Ancient Legacy

    Critical Dimensions for Evaluating Procurement Software Providers

    Critical Dimensions for Evaluating Procurement Software Providers

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Indore Honeymoon Murder: Wife Sonam Surrenders in UP

    Sonam confesses to role in husband Raja Raghuvanshi’s murder

    Can PM Modi’s Visit Nudge Canada Toward Action on Khalistani Extremism?

    ‘Canadian PM Mark Carney Needs to Handle Khalistan Issue Diplomatically’

    what religious trends say about our future

    Islam to See Highest Population Growth Among Religions, Finds Pew Research

    PM Modi on 11 years of infrastructure revolution

    PM Modi Highlights 11 Years of Infrastructure Revolution, Making India World’s Fourth Largest Economy

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    India Ranks 2nd Globally in Social Security Coverage for the Poor, Says ILO

    India Ranks 2nd Globally in Social Security Coverage for the Poor, Says ILO

    real estate

    India Retains Top Spot Among Global Investment Hubs for Land and Development Projects

    How a Compound Interest Calculator Can Boost Your Returns in India?

    How a Compound Interest Calculator Can Boost Your Returns in India?

    Crisil Forecasts Another Rate Cut in FY26, Pegs India’s GDP Growth at 6.5%

    Crisil Forecasts Another Rate Cut in FY26, Pegs India’s GDP Growth at 6.5%

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    India-Russia Pact on the Su‑57 as a Leap of Strategic Trust

    From Buyer to Partner: What the Su‑57 Means for India’s Military Autonomy Inside Russia’s Su‑57 Gamble with India

    Dassault and Tata to Begin Rafale Fuselage Production in India

    Dassault and Tata to Begin Rafale Fuselage Production in India, Marking Major Milestone in Defence Manufacturing

    Mock Drills Under ‘Operation Shield’ Scheduled Today in Border States and UTs

    Mock Drills Under ‘Operation Shield’ Scheduled Today in Border States and UTs

    New Delhi: Indian Army Brahmos Missile System during a rehearsal for Republic Day Parade, in New Delhi on Friday, January 20, 2023. (Photo: Anupam Gautam/IANS)

    India’s Defence Manufacturing Set to Reach ₹8.8 Lakh Crore by 2047: CII-KPMG Report

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Pakistan hikes defence Budget, prioritizes ammunition over growth

    Pakistan Hikes Defence Budget by 20 PC , Prioritizes Ammunition Over Growth

    Can PM Modi’s Visit Nudge Canada Toward Action on Khalistani Extremism?

    ‘Canadian PM Mark Carney Needs to Handle Khalistan Issue Diplomatically’

    Can PM Modi’s Visit Nudge Canada Toward Action on Khalistani Extremism?

    Can PM Modi’s Visit Nudge Canada Toward Action on Khalistani Extremism?

    Chinese Researcher Arrested for Smuggling Biological Material to U.S.

    Chinese Researcher Arrested for Smuggling Biological Material to US University Amid Security Concerns

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    The Vedic Ethos: A Civilization of Knowledge and Inquiry

    From Rigvedic Wisdom to Modern Decay: How Islamisation Crushed a Knowledge Civilization

    Ram Mandir Pran Pratishtha 2.0

    Thousands Gather in Ayodhya for Ram Darbar Pran Pratishtha Ceremony

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Bangalore: High Court of Karnataka in Bangalore. (Photo: IANS)

    RCB Moves HC to Quash FIR in Bengaluru Stampede Case, Cites Govt Approval for Celebration

    Slot Machines for Indian Players: Exclusive Gameplay for Real Money

    Slot Machines for Indian Players: Exclusive Gameplay for Real Money

    In December 2024, D. Gukesh Dommaraju, then just 18, became the youngest undisputed World Chess Champion

    The Gukesh Effect: How a Teen Grandmaster Is Reshaping Indian Chess and Reclaiming Its Ancient Legacy

    Critical Dimensions for Evaluating Procurement Software Providers

    Critical Dimensions for Evaluating Procurement Software Providers

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
  • Economy
  • Defense
  • Geopolitics
  • Knowledge
  • Law
  • Lounge

Crypto exchanges are evading taxes on a massive scale and the crackdown has begun

Tanya Trivedi by Tanya Trivedi
4 January 2022
in Trending
Cryptocurrency, crypto wallet, wazir x, tax, modi
Share on FacebookShare on X

Cryptocurrency is the hottest word in the tech universe and among the investor class nowadays. In India, the cryptocurrency craze is even higher. A recent report revealed that India has the world’s highest owners (around 10 crores) of the new form of currency. 

However, GST intelligence is running after the crypto service providers as massive tax evasion has been found in crypto exchanges.

RelatedPosts

‘Canadian PM Mark Carney Needs to Handle Khalistan Issue Diplomatically’

Can PM Modi’s Visit Nudge Canada Toward Action on Khalistani Extremism?

Modi Government Completes 11 Years: JP Nadda Highlights Major Milestones, From Welfare Reforms to Demonetisation

Load More

Cryptocurrency exchange and its tax evasion

Directorate General of GST Intelligence (DGGI) conducted investigations on cryptocurrency service providers across the country. DGGI authorities found massive tax evasion while investigating these crypto exchanges.

As per the sources, “Around half dozen offices of Cryptocurrency Service providers have been searched and massive Goods and Service Tax (GST) evasion has been detected by DGGI.”

The agency, in a statement, reported that WazirX, a cryptocurrency service providing company was fined Rs 49.20 crore for evading legal taxes.

As per the sources, approximately Rs 70 crore worth of tax evasion has been discovered while investigating the crackdown on Cryptocurrency trade by Mumbai CGST and DGGI. 

It is pertinent to note that the crackdown on cryptocurrency exchanges came months after India decided to introduce a law to regulate it as an investment in this form of currency is frequently increasing.

An official source reported, “These service providers were charging a commission for their facilitation to indulge in exchange of bitcoins but were not paying GST tax. These transactions were intercepted by DGGI and they were confronted with evidence that proved non-payment of GST.” 

Another top source said, “They paid Rs 30 crore and Rs 40 crore as GST, interest and penalty for non-compliance to the statutory provisions of GST law. For violating GST laws the CBIC has recovered Rs 70 crore from Cryptocurrency Service providers including WazirX.”

What is cryptocurrency?

Cryptocurrency is a digital form of currency that works on blockchain technology. Some of the popular cryptocurrencies are Bitcoin and Ethereum. 

Most of the cryptocurrencies are untraceable. Thus, cryptocurrencies cannot be left unregulated because they can be used for terrorism, human trafficking, drug trafficking, and many other kinds of illegal transactions.

Read more: The dark side of Cryptocurrency that nobody is even thinking about

In February this year, the Modi government introduced ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ during the budget session of the parliament in order “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.”

Read more: PM Modi’s decision on cryptocurrency is timely and absolutely correct

Additionally, the bill also sought to “prohibit all private cryptocurrencies in India”, while, allowing certain exceptions “to promote the underlying technology of cryptocurrency and its uses.”

Crypto wallets and exchanges are platforms through which merchants and consumers can transact digital currencies like Bitcoin, Ethereum, Ripple, etc.

Due to the anonymity of Crypto, there are chances of digital funds getting misused. It is important for the Government of India, to regulate the inflow and outflow of such digital transactions. 

Tags: BitcoinCrypto WalletsCryptocurrencyEthereumNarendra ModiOfficial Digital Currency BillRippleWazirX
Share1TweetSend
Previous Post

Why Western UP will witness the endgame in UP elections

Next Post

Heroibil: one of India’s largest insurance brokerage firms

Related Posts

Indore Honeymoon Murder: Wife Sonam Surrenders in UP
Trending

Sonam confesses to role in husband Raja Raghuvanshi’s murder

11 June 2025

Sonam Raghuvanshi, the prime accused in the sensational murder of her husband Raja Raghuvanshi during their honeymoon in Meghalaya,...

Can PM Modi’s Visit Nudge Canada Toward Action on Khalistani Extremism?
Geopolitics

‘Canadian PM Mark Carney Needs to Handle Khalistan Issue Diplomatically’

11 June 2025

With Prime Minister Narendra Modi set to attend the G7 summit in Kananaskis from June 15-17, Alberta, at the...

sonam to be produced before court today
Crime

From Calling Sonam as ‘Didi’ to Killing Her Husband: Twisted Plot Behind Raja Raghuvanshi’s Murder

11 June 2025

From calling Sonam Raghuvanshi as her "didi" (elder sister), to plotting her husband's murder as her lover, Raj Kushwaha...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Currently Playing

BJP, bakrid and the cow. CM Manik Saha in eye of the storm.

BJP, bakrid and the cow. CM Manik Saha in eye of the storm.

00:03:56

Pakistan needs money from IMF to feed their people

00:15:20

Vacate PoK and more: Steps Pakistan needs to take to avoid Indian military action

00:06:36

Taking The Wire’s Propaganda Piece on VP to the Cleaners – Feat. Prof. Kapil Kumar

00:09:19

Rahul Gandhi Undermines India’s Electoral Integrity as Trump Applauds It

00:07:09
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap

©2025 TFI Media Private Limited

No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFIPOST हिन्दी
TFIPOST Global

©2025 TFI Media Private Limited