WazirX had been taking GST for a long time, according to the Mumbai East Commissionerate of GST. WazirX, the country’s largest crypto exchange that deals in cryptocurrencies, had been stealing GST for a long time. Officials applied interest and penalties on the exchange, revealing tax evasion, and have already recovered nearly Rs 49 crore.
The Mumbai East Commissionerate of GST stated that the country’s largest cryptocurrency exchange, WazirX, had been dodging GST for a long time. Officials recovered a fine of more than Rs 49 crore after levying interest and penalties on the exchange after revealing the tax evasion of these crores.
Revealed on Thursday
Significantly, the department revealed the crypto exchange’s tax evasion on Thursday, December 30, 2021. WazirX dodged GST worth 40.5 crores, according to information given by the GST Commissionerate on its official Twitter account. In this case, a penalty and interest of Rs 49.2 crore was recovered from him.
WazirX’s trading volume has skyrocketed.
WazirX just announced on social media that its trade volume has surged by 1735 percent. The trade volume has risen to $ 43 billion, according to the exchange. That is, within a year, trades of such value were conducted through the exchange. This represents a 1735 percent increase compared to 2020
The country’s largest cryptocurrency exchange
Exchanges are used for cryptocurrency trading. Just like a stock exchange is required for trading in the stock market, a cryptocurrency exchange is similarly required for cryptocurrency transactions. WazirX is a significant popularity among Indian investors in this regard. Its popularity is also immediately discernible from the year-round surge in trading volume. According to an earlier study, 15 crore Indian investors are registered with the country’s crypto exchanges.
This is how crypto money is purchased.
Cryptocurrency is a form of digital cash system that is linked to a computer chain and is based on computer algorithms. There is no control over this by any country or government. Its popularity is growing to the point where many countries have legalised it. There are two ways to purchase crypto money, but the simplest and most popular method is to do so through a crypto exchange. Around the world, there are hundreds of crypto currency exchanges in operation. When it comes to India, there are numerous exchanges to choose from, including WazirX, Zebpay, CoinSwitch Kuber, and Coin DCX Go. Where digital currencies from around the world, including as bitcoin, ethereum, tether, and dogecoin, can be purchased.
Crypto currency exchanges are operating 24 hours a day, seven days a week.
In the country, it is quite simple to acquire and sell bitcoin and other cryptocurrencies. The most crucial aspect is that all of these cryptocurrency exchanges are available for purchase 24 hours a day, seven days a week. It is also incredibly simple to buy and sell crypto money using them. To engage in crypto trading and investing in Rupees, you must first register with one of the exchanges. After signing up on the exchange’s website and completing your KYC process, money is transferred to the wallet and these digital currencies can be acquired.