The companies based in Cyprus, Mauritius, and Cayman Islands, which are not registered in India, are suspected of assisting numerous high-net-worth individuals.
- The companies based in Cyprus, Mauritius, and Cayman Islands, which are not registered in India, are suspected of assisting numerous high-net-worth individuals.
The Directorate General of GST Intelligence (DGGI) takes action against entities based in Cyprus, Mauritius, and the Cayman Islands for online gambling and betting, with some of them suspected of masquerading as fantasy game platforms, reported Economic Times citing sources.
As per sources familiar with the matter, the companies based in Cyprus, Mauritius, and Cayman Islands, which are not registered in India, are suspected of assisting numerous high-net-worth individuals (HNIs), including celebrities and social media influencers, in laundering money abroad through online gambling and betting activities.
Tax authorities have detected 38 online portals operating in India that have not paid any goods and services tax (GST), according to recent findings. The initial estimate suggests that these portals may have evaded approximately ₹12,000 crore in taxes from April 2019 to November 2022.
The tax department has initiated notices to these companies and is currently conducting investigations into the matter.