iBNB

<ul><li>Binance faces an $86M tax notice from India for GST non-compliance on virtual asset trades from July 2017 to March 2024.</li><li>India&#39;s move against Binance highlights its commitment to enforcing tax regulations on global crypto exchanges.</li><li>Upcoming RBI and SEBI discussion paper on crypto policies will shape India’s regulatory approach for virtual assets.</li></ul>Binance is grappling with an $86 million tax <a href="https://timesofindia.indiatimes.com/technology/tech-news/binance-the-worlds-largest-crypto-exchange-gets-rs-722-crore-gst-from-dggi/articleshow/112304561.cms" rel="noopener noreferrer nofollow">showcause</a> notice from India. The Directorate General of Goods and Services Tax Intelligence (DGGI) issued this notice last week, marking a significant escalation in the scrutiny of international crypto platforms operating within the country. This notice stems from allegations that Binance failed to register for Goods and Services Tax (GST) while collecting fees from Indian customers trading in virtual assets.The DGGI&#39;s action represents a crucial step in the Indian government&#39;s broader strategy to enforce tax regulations on global cryptocurrency exchanges. This move underscores India&#39;s determination to regulate the booming cryptocurrency market within its borders and to ensure compliance with local tax laws. The notice relates to the period between July 2017 and March 2024, reflecting the authorities&#39; detailed examination of Binance’s operations.Binance’s challenge to the tax notice is notable, given its scale and the precedent it may set. While the DGGI has previously targeted Indian crypto exchanges, this is possibly the first instance of such action against an international player. This development may influence how other countries approach the regulation of global crypto exchanges, aligning with India&#39;s proactive stance on cryptocurrency oversight.<a href="https://cryptotale.org/binance-faces-86m-tax-bill-from-indian-authorities-report/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Binance Faces $86M Tax Bill from Indian Authorities: Report

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