India Imposes $86 Million Tax Demand on Binance

IconCryptoNewsTerminal Staff06 Aug, 2024

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India Imposes $86 Million Tax Demand on Binance

India's Directorate General of GST Intelligence (DGGI) has slapped Binance with a tax demand of $86 million for allegedly collecting fees from Indian customers without paying taxes between July 2017 and March 2023. Binance has denied the claims and is disputing the demand. The development highlights the increasing scrutiny of cryptocurrency exchanges by tax authorities worldwide.