Crypto Exchange WazirX Raided For GST Evasion. Read Complete Details Here

The Mumbai East Commissionerate of GST said that the country’s largest crypto exchange WazirX, which deals in cryptocurrencies, was evading GST for a long time. Revealing the tax evasion of these crores, the officials have now recovered a fine of more than Rs 49 crore after levying interest and penalty on the exchange. According to the information shared by the GST Commissionerate on the official Twitter account, WazirX had evaded GST worth 40.5 crores. In this case, an amount of Rs 49.2 crore has been recovered as penalty and interest.

WazirX’s trading volume increased

Recently, WazirX, sharing information on social media, said that its trading volume has increased by 1735 percent. The exchange was told that the trading volume has increased to the level of $43 billion. That is, within a year, trades of buying and selling of such value were done through the exchange. This is an increase of 1735 percent as compared to 2020.

Country’s largest crypto exchange

Crypto trading is done through exchanges. Just like a stock exchange is necessary for trading in the stock market, in the same way an exchange is also needed for the transaction of cryptocurrency. In this, WazirX is a favorite among Indian investors. Its popularity can also be easily gauged from this increase in its trading volume throughout the year. According to an earlier report, 15 crore investors in India are registered with the crypto exchanges present in the country.