The Indian government has uncovered significant unpaid Goods and Services Tax (GST) liabilities from cryptocurrency exchanges, including Binance and WazirX. 

Authorities estimate that these firms owe a combined $97 million in unpaid taxes.

Crypto Exchanges Face Major Tax Evasion Charges in India

According to a statement by India’s Minister of State for Finance, the government has already recovered $14 million in taxes, penalties, and interest from some of the entities involved. The disclosure came in response to a parliamentary inquiry on December 2.

The investigation identified and charged 17 crypto companies for tax evasion. WazirX owes 40.5 crore rupees ($4.8 million), CoinDCX 16.84 crore rupees ($1.9 million), and CoinSwitch Kuber 14.13 crore rupees ($1.7 million). 

While most firms on the list have settled their dues, companies like Binance and Hyperux Technologies remain non-compliant. Binance reportedly owes 722 crore rupees ($85 million) in unpaid taxes. 

This amount has not been recovered, as it was excluded from the total recovered sum announced by the government.

Binance’s Regulatory Challenges Continue

The tax issue adds to a series of challenges Binance is currently facing. Last week, Amrita Srivastava, a former senior employee at Binance’s Link platform, filed a whistleblower lawsuit in the UK. Srivastava claims she was wrongfully terminated after reporting alleged misconduct, including a colleague’s bribe solicitation.

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Author: Mohammad Shahid