The Indian government answered some questions about the taxation of cryptocurrency exchanges in the lower house of parliament on Monday. Congressman S. Ramalingam asked the Minister of Finance whether some cryptocurrency exchanges were involved in evading the Goods and Services Tax (GST). Finance Minister Pankaj Chaudhary revealed that an investigation into 11 cryptocurrency exchanges has uncovered Rs 81.54 crore in tax evasion.
The tax authority has recovered Rs 95.86 crore including interest and penalties. The Minister of State provided a list of 11 exchanges under investigation: Coindcx, Buyucoin, Coinswitch Kuber, Unocoin, Flitpay, Zeb IT Services (Zebpay), Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India, Wazirx and Discidium Internet Labs .
According to the list, the exchanges with the most evasion detected were Wazirx, Coindcx, and Coinswitch Kuber.