DRI detects evasion of customs duty of Rs 2,217 crore by Vivo India
By MYBRANDBOOK
In a statement issued by the Finance Ministry said that the Directorate of Revenue Intelligence (DRI) has noticed evasion of customs duty of around Rs 2,217 crore by China-based smartphone maker Vivo Communication Technology.
During the investigation, searches were conducted by DRI officers at the factory premises of Vivo India, which led to the recovery of incriminating evidence indicating wilful misdeclaration in the description of certain items imported by it for use in the manufacture of mobile phones, it said.
This misdeclaration resulted in wrongful availment of ineligible duty exemption benefits by Vivo India, amounting to ₹2,217 crore, the statement said.
A show cause notice has been issued to Vivo India after completion of the investigation demanding customs duty amounting to Rs 2,217 crore, under the provisions of the Customs Act, 1962, it added.
Vio India voluntarily deposited Rs 60 crore towards discharge of their differential duty liability, the statement said.
Vivo India is a subsidiary company of Vivo Communication Technology, Guangdong, China, and is engaged in the business of manufacturing, assembling, wholesale trading as well as distribution of mobile handsets and accessories.
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