🔥🔥 **Indian Authorities Demand $86 Million in Tax from Binance Before Resuming Operations** 😲😲😲😲
📢 Binance, the world’s largest cryptocurrency exchange, is facing tax evasion claims in India, with authorities demanding $86 million in unpaid taxes before the platform can resume operations in the country.
This marks the first time the Indian government is directly taxing a crypto entity within its borders. Binance, along with other crypto projects, was banned from India in January 2024 for non-compliance with local regulations. However, Binance announced in April its intentions to restart operations in the country.
On August 6, the Directorate General of Goods and Service Tax Intelligence (DGGI), an Indian law enforcement agency, officially demanded $86 million from Binance, accusing the exchange of evading the Goods and Services Tax (GST) 🚨.
A source from the DGGI revealed that Binance earned a significant amount of money by charging Indian customers for transactions on their platform. The investigation found that these earnings, totaling at least Rs 4,000 crore, were credited to the account of a Binance Group company, Nest Services Limited, based in Seychelles.
In response to the demand, Indian authorities reached out to Binance offices in Seychelles, The Cayman Islands, and Switzerland. However, it appears that Binance has reportedly ignored those communications.
The situation is still developing, and it remains to be seen how Binance will address these tax claims. #Binance
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