Binance Reaffirms Commitment to Follow Indian Laws Following Rs 772 Crore GST Notice

Binance, one of the largest crypto exchanges, has received a notice to pay GST of Rs 772 crore in the country. After this, Binance has reiterated its commitment to comply with the laws of the country. This American exchange has been issued a notice by the Directorate General of GST Intelligence (DGGI).

earlier this year Binance ‘s business was temporarily banned in the country. The reason for this was the non-registration of this exchange with the Financial Intelligence Unit (FIU). A Binance spokesperson told Gadgets360, “We are aware of the tax-related notice issued by the country’s GST authorities. We would like to clarify that Binance follows the laws of the country and is always committed to complying with them. We are fully cooperating with the country’s authorities to address any concerns.”

This notice to Binance has been issued by the Ahmedabad zonal unit of the Directorate General of GST Intelligence (DGGI) in Gujarat. Government sources familiar with the matter have confirmed this notice to Gadgets360. The reason for this notice is a fee collected from traders in the country. The amount of this fee is about Rs 4,000 crore and it was transferred to the company abroad. The Ahmedabad zonal unit of DGGI had caught an irregularity in the functioning of Binance. However, Binance has not answered DGGI’s questions in this regard.

An official told Gadgets360 on the condition of anonymity that this notice is an opportunity for Binance to present its side. The exchange had said in a blog post in June that it has not opened its headquarters and is looking for a location for it. Earlier this week, the central government had said that it has no plans to regulate the crypto segment. The European Union (EU) and UAE have made rules for this. In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary had said that there is no proposal to make a law for the purpose of regulating the purchase and sale of virtual assets in the near future.