New Delhi: The Directorate of Revenue Intelligence (DRI) reported on Wednesday that it has discovered customs duty evasion of almost Rs 2,217 crore while looking into Vivo Mobile India Private Limited.
A subsidiary of Vivo Communication Technology Co. Ltd. in Guangdong, China, Vivo India manufactures, assembles, wholesale trades, and distributes mobile devices and their associated accessories.
“During the course of investigation, searches were conducted by DRI officers at the factory premises of M/s Vivo India, which led to the recovery of incriminating evidence indicating wilful mis-declaration in the description of certain items imported by M/s Vivo India, for use in the manufacture of mobile phones,” said Ministry of Finance in a statement.
Also Read :Vistara introduces direct flights between Mumbai and Jeddah
“This mis-declaration resulted in wrongful availment of ineligible duty exemption benefits by M/s Vivo India, amounting to Rs 2,217 crore. After completion of the investigation, a Show Cause Notice has been issued to M/s Vivo India demanding Customs duty amounting to Rs 2,217 crore, under the provisions of the Customs Act, 1962,” the ministry further said
Vivo India has voluntarily made a deposit of Rs 60 crore to cover their differential duty burden.
Show-cause notices demanding duty of Rs. 4,403.88 crore have recently been issued to M/s Oppo Mobiles India Private Limited as part of another batch of investigations by DRI.
Read More :- Latest Business News
Click Here – Download The News 24 App
