India Identifies 11 Crypto Exchanges That Have Evaded $12.6 Million in Taxes

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India’s Finance Minister Pankaj Choudhary has said in a letter sent to the upper house of the parliament that India’s top 11 cryptocurrency exchanges, including CoinDCX and CoinSwitch, have evaded sales tax and have to pay $12.58 million, Newsroom Post has reported.

As a result of the investigation conducted by the authorities, it has been concluded that the platforms have to pay $1.88 million in fines, interest and penalties.

In particular, CoinDCX’s violations were estimated at $2.06 million. Apparently, the exchange has already paid $2.24 million to the state, including additional charges. As for CoinSwitch, it must pay $1.81 million and $2.11 million.

India’s Ministry of Finance ruled this month that when calculating taxes, traders will not be able to offset losses on one digital asset against gains on another. From April 1, the tax rate on gains from crypto trading will be 30%.