Xiaomi Technology India Pvt Ltd evades customs duty of Rs 653 Cr - FinMin
PrintThe Finance Ministry has said that gadget manufacturer Xiaomi Technology India Private Limited has evaded customs duty of 653 crore rupees. Xiaomi India sales products under the MI brand.
An investigation was initiated by the Directorate of Revenue Intelligence against Xiaomi India and its contract manufacturers. During the investigation, searches were conducted at the premises of Xiaomi India, which led to the recovery of incriminating documents indicating that Xiaomi India was remitting royalty and licence fee to Qualcomm USA and to Beijing Xiaomi Mobile Software Co. Ltd. under contractual obligation. After completion of the investigation, three show cause notices were issued to Xiaomi Technology India Private Limited for demand and recovery of duty amounting to 653 crore rupees.
Category : Custom | Comments : 0 | Hits : 1131
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