The Centre has recovered ₹95.86 crore in GST (including penalties and interest) from eleven cryptocurrency exchanges in India for tax evasion worth ₹81.54 crore, Lok Sabha was informed on Monday.
In a written reply to a Lok Sabha question, Minister of State for Finance Pankaj Chaudhary highlighted that government did not collect any data on crypto exchanges. He, however, said that a few cases of GST evasion had been detected by the central GST formations.
The crypto exchanges that saw significant level of GST evasion include Zanmai Labs (Wazir X) at ₹40.51 crore (recovered including penalty and interest ₹49.18 crore); CoinDCX at ₹15.70 crore (recovered ₹ 17.10 crore) and Coin Switch Kuber at ₹ 13.76 crore (recovered ₹ 16.07 crore), the reply showed.