The move against WazirX comes amid reports of a broader investigation into alleged tax evasion at other exchange platforms in India.
Tax authorities in Mumbai announced Friday that they had uncovered tax evasion by the Binance-owned crypto exchange WazirX.from the GST Mumbai East Commissionerate of Mumbai Zone,"while investigating the business activities of cryptocurrency exchange WazirX have detected GST Evasion of Rs 40.5 Crores. The Commissionerate has also recovered Rs 49.20 Crores in Cash pertaining to [goods-and-services tax] evaded, interest and penalty."by crypto exchange Binance in November 2019.
"The above case is a part of the special anti-tax evasion drive, which relies on intensive data mining and data analytics, initiated by the CGST Mumbai Zone," the commissionerate said, adding: The moves are notable, given the broader backdrop of the still-unsettled regulatory framework for crypto in India today. According to a report from, other exchanges have been subject to search and investigation in light of the WazirX investigation.
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