Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice

Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice

SUMMARY

Binance has received a show-cause notice from the DGGI for payment of GST worth INR 722 Cr

The tax demand pertains to INR 4,000 Cr transaction fees collected by Binance from Indians trading on the platform

This comes just days after the FIU slapped an INR 18.82 Cr fine on the crypto exchange for violating anti-money laundering laws

Days after being fined INR 18.82 Cr for skirting anti-money laundering laws, crypto exchange Binance has received an INR 722 Cr GST notice on the fees collected from Indian customers trading on its platform.

Binance has received a show-cause notice from the Ahmedabad zonal unit of the Directorate General of Goods and Services Tax Intelligence (DGGI) for payment of GST of INR 722 Cr for allegedly collecting INR 4,000 Cr in transaction fees from Indian customers, the Times of India reported, citing multiple sources. 

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