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India Identifies 11 Crypto Exchanges Accused of Tax Evasion
India’s tax authority first began seizing assets to address alleged tax evasion late last year and initially identified six exchanges.
India’s tax authority has seized Rs. 95.86 crore (US$12.6 million) from 11 crypto exchanges on allegations of tax evasion.
The Directorate General of GST Intelligence (DGGI), which oversees tax collection in India, had previously seized around Rs. 84 crore (about $11.0 million) in taxes and a further Rs. 1.1 crore ($145,000) in penalties, CoinDesk reported in January. India’s Minister of State for Finance Pankaj Chaudhary said the figure was closer to 95.86 crore ($12.6 million) in a statement Monday.
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Chaudhary was initially asked to detail the tax seizures by a member of India’s Parliament.
In January, DGGI only confirmed seizing funds from six crypto exchanges, including India's largest exchanges: WazirX, CoinDCX, BuyUCoin and Unocoin. On Monday, Chaudhary updated the figure to 11 exchanges.
In January, India’s tax authority had conducted searches on WazirX, CoinSwitch Kuber, CoinDCX, BuyUCoin and Unocoin after what it deemed to be tax evasion of Rs. 40.5 crore ($5.3 million). The tax authority said in a statement the case was part of a special anti-tax evasion drive.
The country is not just cracking down on tax evasion, but has also introduced tough new crypto tax rules. By April, 1 Indian crypto companies will have to pay a capital gains tax of 30% on crypto transactions. In addition to the capital gains tax, Indians buying or selling crypto will have to pay a 1% tax deducted at the source by July 1.
Read more: ‘We Have Entered a Period of Pain,’ Says WazirX CEO of India’s New Tax Laws
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
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- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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