{"id":135010,"date":"2024-08-06T16:00:59","date_gmt":"2024-08-06T13:00:59","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=135010"},"modified":"2024-08-06T11:40:02","modified_gmt":"2024-08-06T08:40:02","slug":"india-demands-86-million-from-binance-for-taxes","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/india-demands-86-million-from-binance-for-taxes\/","title":{"rendered":"India Demands $86 Million from Binance for Taxes"},"content":{"rendered":"<p>This is the DGGI\u2019s first major move against a cryptocurrency firm, marking a significant development in regulatory enforcement.<\/p>\n<p>The notice <strong><a href=\"https:\/\/timesofindia.indiatimes.com\/technology\/tech-news\/dgci-sends-rs-722-crore-gst-notice-to-the-worlds-largest-crypto-exchange-binance\/articleshow\/112304561.cms\" target=\"_blank\" rel=\"nofollow\">addresses<\/a><\/strong> GST on fees collected from Indian users trading virtual assets on Binance\u2019s platform. Despite Binance\u2019s extensive global presence and substantial market share, it had not registered for GST in India, leading to this regulatory action.<\/p>\n<p>Reports indicate that Binance earned approximately $476 million from transaction fees in India, with these earnings routed through its Seychelles-based subsidiary. In response, Binance has hired local legal counsel in India to resolve the issue.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/elon-musk-vs-openai-the-legal-feud-returns\/\" title=\"Elon Musk vs. OpenAI: The Legal Feud Returns\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/elon-musk-3-240x170.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Elon Musk vs. OpenAI: The Legal Feud Returns<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>Earlier this year, Binance also faced a fine from India\u2019s Financial Intelligence Unit (FIU) for non-compliance with anti-money laundering regulations. The FIU has stressed the need for improved compliance from Binance under the Prevention of Money Laundering Act (PMLA).<\/p>\n<p>This scrutiny aligns with a global trend of increasing regulatory pressure on cryptocurrency exchanges. For instance, Binance was recently charged with tax evasion in Nigeria for avoiding Value-Added Tax (VAT) and Company Income Tax.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s Directorate General of GST Intelligence (DGGI) has issued a notice to Binance, demanding a payment of about $86 million for Goods and Services Tax (GST).<\/p>\n","protected":false},"author":3,"featured_media":36483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-135010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India Demands $86 Million from Binance for Taxes<\/title>\n<meta name=\"description\" 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