Binance gets GST notice in India

Binance is a leading international crypto exchange and this has a global presence. The exchnage was banned by the Indian government last year because of the non-compliance. Along with this exchange, eight other exchanges were also banned in the country because of the same region and now out of those some of them have started the registration process in India. India is a bigger crypto market and this is why some of the exchanges are not willing to lose this market for that reason, they have started the registration process in the country so that they can continue to serve the bigger user base.

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One of the exchanges OKX is already registered in India and it is compliant with the rules and regulations in this market Binance is in the process of getting it done soon. They have already been penalised by the FIU which is the financial intelligence unit department in India and now the exchange has got another notice from the GST department. GST is known as good and service tax and different departments manage this part now the notice has been issued to the exchange for paying this amount which is 722 crore inr.

I don't know how things are going to be unfolded in the coming weeks and months but as of now there is no update from the exchange side and as per the news update only notice has been sent to the exchange. This has already been shared before that the exchange is in the process of getting registered in the Indian market so they may be thinking of paying it out soon and getting the process done as soon as possible but it is too early to assume anything.

Taxation is the liability for any company to follow because if they are doing any business then they have to pay the taxes to the government for any services they provide and this is the right way to follow. Now because the exchange is not finally registered in the market so not sure how this is going to be done and how things will be dealt with by the exchange even when the registration process is not successful.

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