Tuesday, August 16, 2022
HomeEntertainmentFinance Minister Nirmala Sitharaman Reports that Oppo, Vivo, and Xiaomi Have Received...

Finance Minister Nirmala Sitharaman Reports that Oppo, Vivo, and Xiaomi Have Received Notices for Tax Evasion

Finance Minister Nirmala Sitharaman Reports that Oppo, Vivo, and Xiaomi Have Received Notices for Tax Evasion


• Three Chinese smartphone manufacturers have received tax evasion notifications from the DRI.

• The DRI has sent notices to Oppo, Vivo, and Xiaomi.

• Additionally, 18 Vivo-founded companies are being looked into by the ED.

Today I am going to write about technology updates today: Notices for tax evasion were delivered to Xiaomi, Oppo, and Vivo India: Nirmala Sitharaman.

According to Union Finance Minister Nirmala Sitharaman on Tuesday, the government is looking into allegations of tax avoidance by three Chinese mobile phone companies, Oppo, Vivo India, and Xiaomi, and letters have been sent to them.

“The mobile company Oppo has received a notification from the Department of Revenue Intelligence (DRI) for a total of Rs 4,389 crore in customs duties, which are the result of incorrect declaration of some commodities and underpayment of customs duty.

We estimate that this duty evasion cost roughly Rs 2,981 crores “Sitharaman responded to a query from BJP member Sushil Modi in the Rajya Sabha.

“We consider the undervaluation of imported goods for the purpose of paying customs duty to be a tax evasion amounting to Rs. 1,408 crores. That’s sufficient for Oppo.

In contrast to the current total of Rs. 4,389 crores, they have voluntarily contributed Rs. 450 crores. The demand is for that. They barely contributed 450 crore rupees She responded to a query posed by BJP member Sushil Modi.

She identified Xiaomi and Vivo as the other two businesses relevant to the query.

Also Read: Xiaomi Mijia Glasses With 50-Megapixel Quad Bayer Camera, Sony Oled Display Announced: Report!!!

The Other Technological Business, Xiaomi, Specialises In Making Assembled Mobiles Phones Under The Mi Name

Nirmala Sitharaman

They have received three show-cause letters, and the estimated amount of duty they owe is Rs 653 crore. They have only deposited Rs 46 lakh for the three show-cause notices that have been issued.

The third company is Vivo India, for whom a demand notice for Rs. 2,217 crores was also issued, and in response to which they made a voluntary deposit of Rs. 60 crores “said the minister.

Additionally, according to Sitharaman, the ED is looking at 18 Vivo-founded firms where deposits of Rs 62,000 crores have been voluntarily made.

It is estimated that Vivo India has sent Rs. 62,000 crores to its parent firm, which is located outside of India, out of the total sale value of Rs. 1,25,000 crore that Vivo has transferred through these 18 entities.

Sushil Modi stated that the department had informed him that Vivo Mobile India had sent approximately Rs. 62,000 crores to China and its controlled territories. He then inquired as to which other Chinese businesses had sent money to China and its controlled territories and what the total amount involved was.

In response to another inquiry, the minister stated that numerous telecom companies are the subject of DRI investigations.

The 43 firms include a variety of businesses with diverse shareholdings, national origins, and other features, but for now, I only want to draw the member’s attention to the requirements we are imposing on them.

There are roughly 68 cases of “customs duty related evasion” with a total value of Rs 1,342 crore, “GST related evasion” cases with a value of Rs 591 crore, and “service tax related evasion” cases with a value of Rs 5.58 crore. The CBDT and the CBIC are both responding to that “She spoke.

In response to a BJD member’s query on shady loan applications, she stated that the member had expressed “a genuine concern”

I can only say that in terms of the loan and dept-related issues, applications are being abused:

Nirmala Sitharaman
Nokia News

Particularly, coming from one specific nation, many of our citizens are being harassed and having money extorted from them as a result.

These apps are being downloaded in other States as well, according to reports. Odisha is just one of the states where they are being pointed out as being downloaded.

To ensure that action is taken, the Ministry of Finance, Corporate Affairs, MeitY, and a few other Departments, among them, are continually debating and working together “said Sitharaman.

I won’t get into details, but I simply want to stress that there have been actions done as a result of the harassment that occurred recently, just a few months ago, especially in the State of Telangana. That doesn’t mean we aren’t acting in other places.

We are taking deliberate action against Indian citizens who assisted in the establishment of these businesses as well as the broad definition of “shell companies” through which they are functioning. Thus, steps are being taken from each of these perspectives. I can only respond to that extent at this time “Added her.

For more such news related to technology updates, today and all important global news do visit our website.

- Advertisment -

Most Popular

Recent Comments

%d bloggers like this: