ramesh naikoti
@bitcoinsatoshi
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Binance, WazirX among crypto firms evading taxes in India, says gov’t
India has recovered $14 million in goods and services tax from crypto firms like WazirX, but Binance has yet to pay its $85 million tax evasion liabilities, the minister said.
The Indian government has detected a significant amount of unpaid goods and service taxes (GST) by major cryptocurrency exchanges, including Binance and WazirX.
India’s Minister of State for Finance, Pankaj Chaudhary, said the government has found 824 crore Indian rupees ($97 million) in GST in unpaid taxes by several crypto exchanges, The Economic Times reported on Dec. 3.
Authorities have reportedly initiated multiple related investigations into crypto exchanges, including WazirX, CoinDCX and CoinSwitch Kuber.
The report comes a few months after Indian law enforcement agencies demanded 722 crore Indian rupees ($85 million) in unpaid taxes from Binance in August. 0 reply
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Bitcoin approaches $100,000 on optimism over Trump crypto plans
Bitcoin neared a $100,000 milestone, fueled by Donald Trump's pro-crypto stance and expectations of a favorable regulatory environment. The cryptocurrency's surge, exceeding 100% since late 2022, attracted significant investment, particularly in bitcoin ETFs. Despite criticisms regarding energy consumption and illicit activities, bitcoin's rise signals growing mainstream acceptance.
Bitcoin neared a $100,000 milestone, fueled by Donald Trump's pro-crypto stance and expectations of a favorable regulatory environment. The cryptocurrency's surge, exceeding 100% since late 2022, attracted significant investment, particularly in bitcoin ETFs. Despite criticisms regarding energy consumption and illicit activities, bitcoin's rise signals growing mainstream acceptance. 0 reply
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