Crypto Exchange Binance Gets Notice to Pay Rs 772 Crore in GST By DGGI

Binance, one of the major crypto exchanges, has received a notice of payment of Goods and Services Tax (GST) of Rs 772 crore in India. This notice to this international crypto exchange has been issued by the zonal unit of Directorate General of GST Intelligence (DGGI), Ahmedabad in Gujarat.

However, no official statement has been made in this regard. 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 Ahmedabad’s zonal unit had detected a glitch in the functioning of Binance. However, Binance did not respond to DGGI’s queries regarding this matter.

An official, on condition of anonymity, told Gadgets360 that this notice is an opportunity for Binance to present its side. This American exchange had said in a blog post in June that it has not opened its headquarters and a location is being searched for it. Binance has not responded to this notice. Even before this the exchange has faced difficulties.

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 segment. 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 to regulate the buying and selling of virtual assets in the near future. MP GM Harish Balayogi had raised questions on the government’s stance regarding this segment. He had asked whether the government has any proposal to bring rules to regulate the crypto segment. In response, Chaudhary had said, “There is no proposal to bring a law to regulate the buying and selling of virtual digital assets. However, the Financial Intelligence Unit (FIU) has been authorized for special purposes of monitoring such as anti-money laundering.” Has gone.”