Shocking: GST investigation unearths shocking details! 'Gaming apps converting earnings to cryptocurrency..!!

In an alarming development, the authorities in India are grappling with the escalating prevalence of overseas gaming and betting applications that are evading taxes in the country.

The GST probe has found out that these firms are converting earnings into cryptocurrency and utilizing networks of shell companies.

In a recent investigation by the Directorate General of Goods and Services Tax Intelligence (DGGI) into the activities of overseas gaming and betting applications in India.

The investigation found that these firms were evading taxes by converting their earnings into cryptocurrency and utilizing networks of shell companies.

The investigation also found that the network was using a complex web of shell companies to conceal its activities.

These shell companies were registered in different jurisdictions and had no real business operations. They were simply used to route the funds from the gaming apps to cryptocurrency exchanges.

The DGGI has now dismantled this network and arrested several of the key players. However, the investigation has also highlighted the growing problem of overseas gaming and betting applications in India.

These apps are often difficult to track and regulate, and they pose a significant threat to the government's tax revenue.

The GST probe has also raised questions about the applicability of GST on cryptocurrency. Currently, the purchase of cryptocurrency as an investment is generally not subject to GST.

However, the government is considering imposing GST on the transfer of cryptocurrency. This would make it more difficult for gaming and betting apps to evade taxes by converting their earnings into cryptocurrency.