Official announcements from Indian authorities, verified by major financial news outlets

Binance Challenges $86M (INR 722 Crores) Tax Bill from Indian DGGI Over GST Issues

Aug 6, 2024, 09:28 AM

Binance has been hit with an $86 million tax bill by Indian authorities over issues related to Goods and Services Tax (GST) registration. The Directorate General of GST Intelligence (DGGI) in Ahmedabad issued a showcause notice, accusing Binance of collecting fees from Indian customers without proper GST registration between July 2017 and March 2024. The amount demanded is approximately INR 722 crores. Binance has challenged the notice, asserting its compliance with local tax laws. According to CoinDesk, Binance is cooperating with Indian authorities. This regulatory action underscores India's increasing efforts to regulate the cryptocurrency market.