Indian law enforcement agencies have requested 722 crore Indian rupees ($86 million) in overdue taxes from Binance, a cryptocurrency exchange. Binance, along with several other offshore crypto exchanges, was prohibited in India in January 2024 for failing to comply with local regulations. Despite this, Binance announced in April its intention to resume crypto trading activities in the country after settling outstanding taxes. On August 6, the Directorate General of Goods and Service Tax Intelligence (DGGI) demanded the amount from Binance under the Goods and Services Tax (GST). This marks the first tax demand made by the Indian government on a crypto exchange. Indian tax authorities are cracking down on offshore exchanges that operated without registering under India's GST framework. Binance is also facing tax evasion issues in other countries, including Nigeria. Read more AI-generated news on: https://app.chaingpt.org/news