Binance Entity Faces $85 Million Tax Evasion Probe in India

Binance-linked Nest Services evaded ₹722.43 crore, leading India’s GST violations list. Indian authorities recovered ₹122.29 crore from crypto firms, excluding Binance-linked evasion. 17 crypto platforms investigated for tax evasion; Binance entities contributed 88% of total. The Indian Finance Ministry says some cryptocurrency exchanges in the country are dodging taxes. Nest Services Ltd, reportedly linked to the Binance Group, is the biggest offender, sources say. The company did not pay ₹722.43 crore (around $85 million) in Goods and Services Tax (GST). This shows the scrutiny of cryptocurrency platforms in India because of concerns over tax compliance. Binance Group Is the Biggest Tax Evader The Indian government is making sure cryptocurrency exchanges follow tax laws. According to recent disclosures , Binance-related entities topped the list of tax evaders, contributing significantly to a total GST evasion of ₹824.14 crore ($96 million). Nest Services Ltd, based in Seychelles, accounted for nearly 88% of this amount. This comes after the Directorate General of GST Intelligence (DGGI) in Ahmedabad issued a notice to the company in August… The post Binance Entity Faces $85 Million Tax Evasion Probe in India appeared first on Coin Edition .