Binance Hit With $86 Million Fine For Tax Compliance In India

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Binance, one of the largest crypto exchanges in the world, is facing regulatory scrutiny again. The exchange has been slammed with a show-cause notice from India’s Directorate General of GST Intelligence (DGGI) two months after paying a $2 million fine to the Financial Intelligence Unit (FIU). The notice demands over $80 million from the crypto trading platform for tax compliance issues.
Binance Faces $86 Million GST Tax Bill
The Ahmedabad department of the DGGI issued a show-cause notice to Binance last week demanding a payment of Rs 722 crore, worth around $86 million, for Goods and Services Tax (GST) evasion from June 2017 to March 2024.
According to sources cited by local news outlet ETCFO, the tax authorities allege that the crypto exchange has collected fees from Indian customers trading virtual digital assets (VDAs) on the platform without being registered under the Indian GTS framework.
The registration “oversight” awarded the Indian tax authority’s scrutin

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