WazirX which is one of the biggest and most popular Crypto Exchanges in India was recently fined a sum of 50 Crore Approx in accordance to them failing to pay necessary GST Taxes. Now this news is quite true but the way the news is being portrayed all over the INTERNET is kinda fishy. The original news says that there was a slight miscalculation on the GST paid by WazirX and when the Income Tax Department notified the exchange about it they were swift to pay the rest of the Tax that was owed.
But it seems a lot of people are pondering on the fact that WazirX was trying to hide the fact so that they wouldn't have to pay the extra 50 Crore GST tax. But I feel like when it comes to the calculation of taxes there is most certainly a big room for error to happen and since WazirX is partly owned by Binance I feel like the books weren't cleared on both ends and some amount was left untallied.
WHAT AM I DOING?
I do have an Account on WazirX which I use for some Crypto Holdings and I am not going to liquidate any assets from the exchange as I know this with quite a certainty that WazirX is not going anywhere and they are not going to RUG PULL as a lot of people are suggesting. So keep Calm and HODL.