CandleFocus India to recover $345m in taxes from Kraken, Huobi, and other offshore exchanges
2024-09-12
Author: Content Editor
India's Financial Intelligence Unit is seeking to recover $345 million in goods and services tax (GST) from seven foreign cryptocurrency exchanges that operated in the country. The exchanges, including Bitfinex, Kraken, and Huobi, were barred from offering services in India and will present their cases to the anti-money laundering body this week. In addition to demonstrating their willingness to comply with India’s Prevention of Money Laundering Act, the exchanges will be required to pay a fine and are expected to collectively pay approximately $345.09 million in GST. The goods and services tax is a comprehensive tax on the production, sale, and consumption of goods and services in India. Other foreign exchanges that operated in India may also receive notices to ensure compliance with tax obligations and regulatory standards. However, even if the exchanges meet all demands, it may take until March 2025 for operations to resume.
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