The Directorate General of Goods and Services Tax (GST) in India has issued a special notice to the cryptocurrency exchange Binance, accusing the company of failing to pay taxes worth $86 million, reports CoinDesk.
According to the publication, the notice concerned the collection of commissions from Indian users. From July 2017 to March 2024, Binance allegedly violated GST requirements, according to the regulator. Additionally, authorities claim that Binance collected fees from clients without the necessary license.
This case is part of a broader campaign by Indian authorities to regulate the cryptocurrency market and ensure that companies operating in this sector comply with tax obligations. The authorities aim to take strict measures to prevent tax evasion and protect the interests of users.
Binance representatives have yet to comment on the matter officially.
