The General Directorate of GST Intelligence (DGGI) detected massive tax evasion on Sunday after conducting searches on some of the major cryptocurrency service providers across the country.
DGGI authorities also conducted a search of facilities linked to crypto exchange service provider WazirX, a day after the company was fined Rs 49.20 crore for evading legal taxes, Indiatoday reported.
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GST Mumbai (Ease Commissionerate Zone), while investigating WazirX business activities, identified GST evasion of Rs 40.5 crore.
The agency, in a statement, said they have recovered Rs 49.20 crore in cash from the company, which includes interest and penalties.
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