Binance, the world’s largest crypto exchange has once again taken a hit in India. The titan exchange has been slammed with a staggering $86 million tax bill by Indian authorities as regards non-compliance issues.
India Issues Tax Bill On Binance
The Indian government has issued a substantial tax bill to Binance, the world’s largest crypto exchange. The Ahmedabad unit of the Directorate General of GST Intelligence (DGGI) has sent a show cause notice to Binance, demanding $86,033,159 in Goods and Services Tax (GST).
The tax recovery notice stems from allegations that Binance collected fees from Indian customers trading in virtual digital assets (VDAs) on their platform without registering under the Indian GST framework. This action has depicted India‘s efforts to bring cryptocurrency operations under its tax regime.
Binance, which is known to hold an estimated 40% market share in the global cryptocurrency market and operates in over 150 countries, now faces scrutiny from Indian tax
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