Crypto Exchange Binance Gets Notice to Pay Rs 772 Crore in GST By DGGI

Binance, one of the largest crypto exchanges, has received a notice to pay Goods and Services Tax (GST) worth Rs 772 crore in India. This notice has been issued to this international crypto exchange by the Ahmedabad Zonal Unit of the Directorate General of GST Intelligence (DGGI) in Gujarat.

However, no official statement has been made in this regard. Government sources aware of the matter have confirmed this notice to Gadgets360. The reason for this notice is a fee collected from the country’s traders. The amount of this fee is about Rs 4,000 crore and it was transferred to the company abroad. DGGI The Ahmedabad zonal unit of the DGGI had detected an anomaly in the functioning of Binance. However, Binance has not responded to DGGI’s queries in this regard.

An official, on condition of anonymity, told Gadgets360 that this notice is an opportunity for Binance to present its side. The US exchange said in a blog post in June that it has not opened its headquarters and is looking for a location for it. Binance has not responded to this notice. This exchange has faced difficulties before as well.

Earlier this week, the central government had said that it has no plans to regulate the crypto segment. The European Union (EU) and the UAE have made rules for this segment. In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary had said that there is no proposal to make a law to regulate the purchase and sale of virtual assets in the near future. MP GM Harish Balayogi had questioned the government’s stand on this segment. He had asked whether the government has any proposal to bring rules to regulate the crypto segment. In response to this, Chaudhary had said, “There is no proposal to bring a law to regulate the purchase and sale of virtual digital assets. However, the Financial Intelligence Unit (FIU) has been authorized for special purposes of surveillance such as anti-money laundering.”