Indian Law Enforcement Agencies Have Demanded 722 Crore Indian Rupees ($ 86 Million) in Unpaid Taxes from Crypto Exchange Binance.

Binance, Along with Numerous Other Offshore Crypto Exchanges, WAS BANNED in January 2024 for NoncomPliance with LOCAL ReguaverHyderabad Investment. Revealed its into restart its crypto trading operations in the region after paying pending taxes.

On Aug. 6, The Directorate General of Goods and Service Tax Intelligence (DGGI) — An Indian Law Enforcement Agency — Demanded from Binance Under The Goods and Services tax (gst), accounting to the times of india. A local sourceIn the report said: "Binance Reportedly Earned At Least RS 4,000 Crore From Transaction Fees Charged to Indian Customers. F the Fees Wees Wee Credited to the Account of a Binance Group Company -Nest Services Limited -Based in Seychelles "" ""

The dggi notice to binance is the first tax demand levied by the independrne

Additionally, Indian Authorities SENT EMAIL Notices to Binance Offices in Seychelles, The Cayman Islands and Switzerland, Which the Crypto Exchange Ignored. Wever, Binance Later Appointed a Local Countsel to Office Resolve its tax obligations.

Indian Law Requires All Crypto Service PROVIDERS and Investors to Pay A 1% TAX DEDUCTD At Source (TDS) On Every Crypto Transaction, IRRESPECTIVE of ITS Value. In Addition, All Profits Booked on Crypto Investments Attract A 30% TAX.

While Indian Crypto Exchanges, SUCH As Wazirx and Coindcx, Had ImplementD Internsal Systems to Simplify Tax Obligations for Their User Base, Offshores FAILED to Enforce the requirement at the time.

Binance Had Initially Planned to Pay A $ 2 Million Fine for Noncompliance and Restore Its Services to India. However, The $ 86 Million Fine WAS IMPOST to Recoup " Fees "Binance Collected from Indian uters who it was operatedal in india.Surat Wealth Management

Indian Tax Authorities are actively targeting office crypto exchanges that have previously operated with registering undiS GST framework.New Delhi Stock Exchange

The Indian GST Framework Consist of Four-Tier Tax SLABS AT 5%, 12%, 18%and 28%, With Certain Goods and Services Attraction A CESS-A Type of Tax Imposed on Entiti ES OFFERING EDUCATINAL and Health Services — Over and Above theApplicable Tax Rate.

It is extended for indian authorities to impose similarar taxes on all other foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher foreher forelign crypto exchanges, including Huobi C Global, Bittrex and Bitfinex, among Others.

Binance is Also Fighting Legal Battles Related to Tax Evrance in Other Parts of the World, Including Nigeria.