Binance, the world's largest cryptocurrency exchange, has officially objected to the nearly $86 million tax notice issued by the Directorate General of Goods and Services Tax Intelligence (DGGI) of India.
Binance Objects to Indian Authorities' $86 Million Tax Report
DGGI, which operates under the Ministry of Finance, issued a justification notice to Binance last week. The notice claims that Binance does not collect and remit taxes from Indian customers trading on its platform. The period in question extends from July 2017 to March 2024.
Headquartered in Ahmedabad, DGGI is responsible for collecting and analyzing intelligence on indirect tax evasion. It directed Binance to respond to the notice by addressing the alleged tax discrepancies.
Binance has not yet responded officially to CoinDesk's request for comment on the tax filing. This reflects the ongoing scrutiny and regulatory challenges faced by major cryptocurrency exchanges as they navigate complex tax and compliance landscapes in various jurisdictions.
*This is not investment advice.