More Than 10 Crypto Exchanges in India Evaded Taxes

In India, 11 leading cryptocurrency exchanges like CoinDCX or CoinSwitch have evaded sales tax. They will have to pay 95.86 crores (~$12.58 million).

Newsroom Post, citing a letter to the upper house of parliament from Finance Minister Pankaj Chaudhary, reports that as a result of the investigation, crypto platforms in addition to tax will have to pay a fine of 14.32 crore (~$1.88 million), and some firms even more.

For example, CoinDCX paid the state 17.1 crores (~$2.24 million) for violations, taking into account additional charges.

Earlier, the Ministry of Finance of India tightened the rules for taxation of the cryptocurrency sphere. Now, when calculating taxes, traders will not be able to offset losses from one digital asset with profits from another.

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