{"id":16915,"date":"2024-08-07T07:04:10","date_gmt":"2024-08-07T07:04:10","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=16915"},"modified":"2024-08-07T07:04:10","modified_gmt":"2024-08-07T07:04:10","slug":"indian-authorities-impose-86-million-fine-on-binance-for-tax-compliance-breach","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/indian-authorities-impose-86-million-fine-on-binance-for-tax-compliance-breach\/","title":{"rendered":"Indian Authorities Impose $86 Million Fine on Binance for Tax Compliance Breach"},"content":{"rendered":"\n

Binance, a major global cryptocurrency exchange, faces regulatory challenges yet again. Following a $2 million fine to the Financial Intelligence Unit (FIU), the exchange is now confronted with an $86 million demand from India’s Directorate General of GST Intelligence (DGGI) due to tax compliance issues.<\/p>\n

<\/span>Binance Receives $86 Million GST Tax Notice<\/span><\/h2>\n

The DGGI branch in Ahmedabad sent a notice to Binance requiring a payment of Rs 722 crore, equivalent to around $86 million, for evading Goods and Services Tax (GST) from June 2017 to March 2024.<\/p>\n

Allegedly, the tax authorities claim that Binance collected fees from Indian customers trading virtual digital assets on the platform without being registered under India’s GST framework.<\/p>\n

The investigation unveiled that Binance garnered transaction fees of over Rs 4,000 crore ($476.7 million) in India, directed to the exchange’s accounts in Seychelles.<\/p>\n

<\/p>\n

Despite attempts by the DGGI to contact Binance entities in different countries, no response was received. However, the exchange has engaged a local counsel to address the tax compliance issue.<\/p>\n

<\/span>India’s Ongoing Regulatory Actions<\/span><\/h2>\n

According to India’s GST regulations, foreign service providers must pay GST for services offered to local customers, especially those falling under online information database access or retrieval services.<\/p>\n

The DGGI is reportedly extending its investigations to other overseas and domestic crypto exchanges, marketplaces, and gaming platforms for potential tax evasion activities.<\/p>\n

Binance’s notice is part of India’s broader efforts to enhance oversight in the expanding crypto sector, aiming to combat financial crimes and safeguard investors’ interests.<\/p>\n

\"Binance\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance, a major global cryptocurrency exchange, faces regulatory challenges yet again. Following a $2 million fine to the Financial Intelligence Unit (FIU), the exchange is now confronted with an $86 million demand from India’s Directorate General of GST Intelligence (DGGI) due to tax compliance issues. Binance Receives $86 Million GST Tax Notice The DGGI branch […]<\/p>\n","protected":false},"author":1,"featured_media":16916,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Indian Authorities Impose $86 Million Fine on Binance for Tax Compliance Breach - Bitrabo","description":"Binance, a major global cryptocurrency exchange, faces regulatory challenges yet again. Following a $2 million fine to the Financial Intelligence Unit (FIU), th"},"footnotes":""},"categories":[316],"tags":[347,3108,3501,1180,3503,561,610,6931],"class_list":["post-16915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-binance","tag-compliance","tag-fine","tag-hit","tag-india","tag-million","tag-tax","tag-tax-compliance"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/16915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=16915"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/16915\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/16916"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=16915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=16915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=16915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}