Binance Reaffirms Commitment to Follow Indian Laws Following Rs 772 Crore GST Notice

Binance, one of the big crypto exchanges, has received a notice to pay GST worth Rs 772 crore in the country. After this Binance has reiterated its commitment to comply with the laws of the country. A notice has been issued to this American exchange by the Directorate General of GST Intelligence (DGGI).

earlier this year Binance The business of was temporarily banned in the country. The reason for this was that this exchange was not registered with the Financial Intelligence Unit (FIU). A Binance spokesperson told Gadgets360, “We are aware of the tax notice issued by the country’s GST authorities. We would like to clarify that Binance follows the laws of the country and is always committed to complying with them.” “We are fully cooperating with the country’s authorities to resolve any concerns.”

This notice to Binance has been issued by the zonal unit of Directorate General of GST Intelligence (DGGI), Ahmedabad in Gujarat. Government sources having knowledge of this matter have confirmed this notice to Gadgets360. The reason for this notice is a fee collected from traders in the country. The amount of this fee is approximately Rs 4,000 crore and it was transferred to the company abroad. DGGI’s Ahmedabad zonal unit had detected a glitch in the functioning of Binance. However, Binance did not respond to DGGI’s queries on this issue.

An official, on condition of anonymity, told Gadgets360 that this notice is an opportunity for Binance to present its side. This exchange had said in a blog post in June that it has not opened its headquarters and a location is being searched for it. Earlier this week, the central government had said that it has no plans to regulate the crypto segment. The European Union (EU) and UAE have made rules for this. In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary had said that there is no proposal to make a law for the purpose of regulating the purchase and sale of virtual assets in the near future.