As a seasoned analyst with extensive experience in the cryptocurrency market, I find myself closely watching the developments surrounding Binance and its tax notice from India’s DGGI. With a career spanning over two decades, I’ve seen my fair share of challenges and twists in the financial world. This latest episode between Binance and the Indian authorities is no exception.
According to someone privy to the situation, Binance, the leading global platform for trading cryptocurrencies, has contested an approximately $86 million tax demand issued by India’s Directorate General of Goods and Services Tax Intelligence (DGGI).
Last week, a representative from the Ahmedabad chapter of the Directorate General of GST Intelligence (DGGI) served Binance with a notice, questioning why they were charging fees from Indian customers trading on their platform. The timeframe in which alleged tax evasion occurred, as reported, spans from July 2017 to March 2024.
The DGGI is an organization responsible for gathering, organizing, and sharing information about the avoidance of indirect taxes. It operates under the authority of the robust Ministry of Finance.
Binance did not immediately respond to a CoinDesk request for comment.
This is a developing story…
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2024-08-06 10:08