Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice

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 report added that the funds raised via transaction fees were routed to Nest Services Limited, a subsidiary of the Binance Group.

🔗 To read more in detail, click here: https://lnkd.in/g5Xf8NQf

Credit - Inc42 Media