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.
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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.