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Binance faces a demand for nearly $92 million in unpaid GST from Indian authorities, aiming to resume operations after a previous ban.
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Indian law enforcement agencies demanded $91.9 million (772 crore Indian rupees) in unpaid taxes from crypto exchange Binance.
Binance, along with numerous other offshore crypto exchanges, was banned in India in January 2024 for noncompliance with local regulations. However, in April, Binance revealed its intent to restart its crypto trading operations in the region after paying pending taxes.
On Aug. 6, the Directorate General of Goods and Service Tax Intelligence (DGGI) — an Indian law enforcement agency — demanded nearly 92 million from Binance under the Goods and Services Tax (GST), according to The Times of India.
The DGGI notice to Binance is the first tax demand levied by the Indian government on any crypto exchange.
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
