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

Two agencies, five months, five crypto exchanges, 100-plus officers, more than Rs 700 million in tax recovery, and yet the scale of the misdemeanor, excused by “ambiguity,” remains unknown.

By Amitoj Singh

Updated May 11, 2023, 6:19 p.m. Published Jan 7, 2022, 5:38 a.m.

India's goods and services tax (GST) was implemented in 2017. This same tax regime would later lead to five crypto exchanges paying over $11 million in back taxes and penalties. (Sanjit Das/Bloomberg via Getty Images)