Binance Has Challenged India's $86M Tax Showcause Notice: Source

Binance, the world's largest cryptocurrency exchange, has "challenged" a nearly $86 million tax notice from India's Directorate General of Goods and Services Tax Intelligence (DGGI), a person directly involved with the matter told CoinDesk.

DGGI's chapter from the western city of Ahmedabad issued the showcause notice to Binance last week for collecting fees from Indian customers trading on its platform, the person said. The time period within which the tax was evaded, according to the person, is between July 2017 and March 2024.

The DGGI is a body entrusted with the task of “collection, collation and dissemination of intelligence relating to evasion of indirect tax.” The DGGI functions under the purview of the all-powerful Ministry of Finance.

Binance did not immediately respond to a CoinDesk request for comment.

This is a developing story...

Read More: The Inside Story of How India’s Crypto Exchanges Were ‘Inspected’ by Tax Agencies