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I received a summon under Section 70. The Superintendent at DGGI asked about crypto deposits in my Wazirx account, accusing me of receiving foreign money. The officers threatened to put me in jail and even asked me to submit my unlocked phone, which I refused. I explained that I was doing arbitrage trading and showed withdrawal history to verify that the crypto deposits were from my other exchange accounts, like Zebpay and Binance. Additionally, I mentioned that GST is not applicable to crypto trading as the government is still deciding whether to classify crypto as goods or services. I need advice on how to proceed.
Sir, you should respond to the summon under Section 70 and cooperate, but make sure to protect your rights. You don't have to unlock your phone unless there is a court order. You can explain that GST isn’t applicable to crypto trading yet, as the government has not made a final decision. Show your trading history and transaction records as evidence. It is best to consult a lawyer specializing in crypto currency and tax laws for guidance. For further legal assistance contact us on our helpline number.