TechFlow reported that according to CoinDesk, the cryptocurrency exchange Binance recently received a tax notice of approximately US$86 million from the Directorate General of Goods and Services Tax Intelligence (DGGI) of India, and Binance has questioned this.
Sources familiar with the matter said that the DGGI Ahmedabad branch issued the "show cause notice" to Binance last week because Binance collected fees from transactions by Indian users. It is reported that the tax evasion period involved is from July 2017 to March 2024.
It is reported that DGGI is an agency under the Indian Ministry of Finance, responsible for "collecting, collating and disseminating intelligence related to indirect tax evasion."