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<keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords">Infosys</keyword> says that the Karnataka State authorities are withdrawing the pre-show cause <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "The Company has received a communication from Karnataka State authorities, withdrawing the pre-show cause notice and has directed the Company to submit a further response to DGGI central authority on this matter," said Infosys Earlier on Wednesday the Karnataka State GST authorities issued a pre-show cause notice to Infosys for payment of GST of Rs. 32,403 crores for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of <keyword id="19916185" type="General" weightage="20" keywordseo="Infosys-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys Limited" meta.hostid="345" meta.entityid="Infosys Limited">Infosys Limited</keyword>. The Company responded to the pre-show cause notice and stated that the Company believes that as per regulations, GST is not applicable to these expenses. "Additionally, as per a recent Circular (circular number 210/4/2024 dated June 26, 2024) issued by the Central Board of Indirect Taxes and Customs on the recommendations of the <keyword id="19994390" type="General" weightage="20" keywordseo="gst-council" source="keywords">GST Council</keyword>, services provided by the overseas branches to Indian entity are not subject to GST," said the company. The clarification from Infosys came post news articles published on Wednesday for non-payment of GST towards expenses incurred by the overseas branches of the Company. Infosys said GST payments are eligible for credit or refund against the Infosys says that the Karnataka State authorities are withdrawing the pre-show cause GST notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter," the statement said. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Infosys says Karnataka govt withdrawing pre-show cause notice on GST notice

<keyword id="6358777" type="General" weightage="50" keywordseo="new-delhi" source="Orion">New Delhi</keyword> [India], February 17 (ANI): The <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword> gathered several pieces of evidence pertaining to the BBC India's operation which indicated that taxes were not paid on "certain remittances" which have not been disclosed as income in India by the foreign entities of the group, a <keyword id="121964" type="General" weightage="50" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> (CBDT) spokesperson said in a statement on Friday. After three days, the income tax (I-T) department finished its survey at the offices of the BBC in Delhi and Mumbai on Thursday. "A survey action under section 133A of the Income-Tax Act, 1961 (the Act) was carried out at the business premises of group entities of a prominent international Media Company at Delhi and Mumbai," the spokesperson said. Section 133A of the Act enables an income-tax authority to enter any place of business or profession or charitable activity within its jurisdiction to verify the books of account or other documents. The group, the spokesperson without taking name of the entity said, it is engaged in the business of development of content in English, Hindi and various other Indian languages; advertisement sales and market support services. The statement added the survey revealed that despite substantial consumption of content in various Indian languages (apart from English), the income or profits shown by various group entities is "not commensurate with the scale of operations in India". "The survey operations also revealed that services of seconded employees have been utilised for which reimbursement has been made by the Indian entity to the foreign entity concerned. Such remittance was also liable to be subject to withholding tax which has not been done," it added. Further, the survey, the spokesperson said, has also thrown up several discrepancies and inconsistencies with regard to "Transfer Pricing" documentation. "The survey operation has resulted in unearthing of crucial evidences by way of statement of employees, digital evidences and documents which will be further examined in due course." The officials of the I-T depratment recorded statements of only those employees whose role was crucial including those connected to, primarily, finance, content development and other production-related functions. "Even though the department exercised due care to record statements of only key personnel, it was observed that dilatory tactics were employed including in the context of producing documents/agreements sought. Despite such stance of the group, the survey operation was conducted in a manner so as to facilitate continued regular media/channel activity," the spokesperson said. Earlier, BBC had said it was cooperating with the income tax department, which was conducting a survey at its offices in New Delhi and Mumbai. "The Income Tax Authorities are currently at the BBC offices in New Delhi and Mumbai and we are fully cooperating," the <keyword id="16527651" type="General" weightage="50" keywordseo="bbc-news-press-team" source="Orion">BBC News Press Team</keyword> said in a statement. The Income Tax 'survey' on the British Broadcasting Corporation (BBC) offices located in Delhi and Mumbai concluded nearly after 60 hours on Thursday evening. Issuing a statement the BBC News PR had said, "The Income Tax Authorities have left our offices in Delhi and Mumbai. We will continue to cooperate with the authorities and hope matters are resolved as soon as possible." "We are supporting staff - some of whom have faced lengthy questioning or been required to stay overnight - and their welfare is our priority. Our output is back to normal and we remain committed to serving our audiences in India and beyond," the statement added. (ANI)

BBC India survey indicated tax evasion on remittances, discrepancies in transfer pricing: Govt

<ul><li><keyword id="45697" type="General" weightage="20" keywordseo="direct-tax" source="Orion">Direct tax</keyword> collection, net of refunds, stood at ₹ 7.45 lakh crore. </li><li>This collection is 52.46 per cent of the total budget estimates of Direct Taxes for 2022-23.</li><li>Refunds amounting to ₹ 1.53 lakh crore have been issued between April 1 and October 8. </li></ul> Direct Tax collection up to October 8 stood at ₹ 8.98 lakh crore, which is 23.8 per cent higher than the gross collection for the corresponding period of last year. Direct tax collection, net of refunds, stood at ₹ 7.45 lakh crore, which is 16.3 per cent higher than the net collection for the corresponding period of last year. This collection is 52.46 per cent of the total budget estimates of Direct Taxes for 2022-23. Refunds amounting to ₹ 1.53 lakh crore have been issued between April 1 and October 8, which are 81 per cent higher than refunds issued during the same period in the preceding year. So far as the growth rate for Corporate Income Tax (<keyword id="6678365" type="General" weightage="80" keywordseo="cit" source="Orion">CIT</keyword>) and <keyword id="35542" type="General" weightage="50" keywordseo="personal-income-tax" source="Orion">Personal Income Tax</keyword> (<keyword id="69256" type="General" weightage="80" keywordseo="pit" source="Orion">PIT</keyword>) in terms of gross revenue collections is concerned, the growth rate for CIT is 16.73 per cent, while that for PIT (including STT) is 32.30 per cent. After adjustment of refunds, the net growth in CIT collections is 16.29 per cent and that in PIT collections is 17.35 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-watch-detects-pregnancy-before-clinical-test-report/articleshow/94738384.cms">Apple Watch detects pregnancy before clinical test: Report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/zuckerberg-sets-for-meta-connect-amid-quality-issues-with-vr-project/articleshow/94737865.cms">Zuckerberg sets for 'Meta Connect' amid quality issues with VR project</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/gambian-cough-syrup-issue-384-people-arrested-after-462-samples-found-spurious/articleshow/94737827.cms">Gambian cough syrup issue: 384 people arrested after 462 samples found spurious</a>

Direct tax collection grows 23.8% to  ₹ 8.98 lakh cr till Oct 8

<ul><li>The Delhi High Court has allowed <keyword id="215177" type="General" weightage="100" keywordseo="vivo" source="Orion">Vivo</keyword> to operate its bank accounts in the country.</li><li>The Enforcement Directorate had blocked Vivo’s 119 accounts as part of its investigation against Vivo.</li><li>The Delhi High Court has ordered Vivo to furnish a bank guarantee of ₹950 crore and maintain a bank balance of ₹251 crore.</li></ul>In a major relief to Chinese smartphone maker Vivo, the Delhi High Court has allowed the company to operate its bank accounts in the country. The Enforcement Directorate (ED), the country’s financial watchdog, had raided the premises of Vivo and its associates. The ED had claimed that Vivo had transferred ₹62,476 crore to its parent company in China over a five-year period to avoid paying taxes in the country. The agency had also accused the company of violating the Prevention of Money Laundering Act (PMLA). As part of its investigation, ED had <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-allegedly-sent-62476-crore-to-china-to-evade-taxes-in-india-heres-everything-you-need-to-know/articleshow/92742439.cms">blocked</a> 119 accounts containing ₹465 crore. Soon after this, Vivo <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-moves-delhi-hc-challenging-freezing-of-its-bank-accounts-by-ed/articleshow/92750274.cms">approached</a> the Delhi High Court, challenging the freezing of its bank accounts under PMLA. "Monthly payments of around ₹2,826 crore have to be made towards statutory dues, salaries, rent, and monies for daily business operations. Due to the freezing of the bank accounts, the petitioner will be unable to honor its aforesaid obligations not only towards various statutory authorities but also towards its employees and customers," Vivo had said in its petition. The Delhi High Court today <a href="https://twitter.com/PTI_News/status/1547117241476710405">allowed</a> Vivo to operate its bank accounts in the country and asked the company to furnish a bank guarantee of ₹950 crore. Further, the court also ordered the company to maintain a balance of ₹251 crore. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-allegedly-sent-62476-crore-to-china-to-evade-taxes-in-india-heres-everything-you-need-to-know/articleshow/92742439.cms">Vivo's offices caught with 2 kilo gold bars after sending ₹62,000 crore back to China – all you need to know on the ED probe</a> <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">Vivo reportedly transferred nearly $8 billion to its parent company in China</a> <a href="https://www.businessinsider.in/tech/enterprise/news/chinese-smartphone-maker-huawei-comes-under-the-it-departments-scanner-over-tax-evasion/articleshow/92739828.cms">Chinese smartphone maker Huawei comes under the IT department’s scanner over tax evasion</a>

Delhi High Court allows Vivo to operate its bank accounts if it’s ready to furnish a ₹950 crore bank guarantee

<ul><li><keyword id="6357456" type="General" weightage="100" keywordseo="huawei" source="Orion">Huawei</keyword> has come under the scanner of Indian agencies over tax evasion.</li><li>The Income Tax department has accused Huawei of repatriating large amounts of money to its parent company in China.</li><li>The department has claimed that Huawei sent the money in the form of dividends to reduce its taxable income.</li></ul>Chinese smartphone maker Huawei is the latest company to come under the scanner of Indian agencies. The Income Tax (IT) department has accused Huawei India of repatriating large amounts of money to its parent company in China. According to an Economic Times <a href="https://economictimes.indiatimes.com/news/india/huawei-india-sent-huge-sums-to-parent-even-as-revenue-fell-says-tax-dept/articleshow/92735497.cms">report</a>, Huawei has been accused of repatriating large amounts of money in the form of dividends to reduce its taxable income in India. <cmsannotation type="cmsannotation" annotationid="Huawei sent ₹750 crore as dividends despite dwindling revenues" comment="subhead" text="Huawei sent ₹750 crore as dividends despite dwindling revenues">Huawei sent ₹750 crore as dividends despite dwindling revenues</cmsannotation> The <keyword id="59032" type="General" weightage="20" keywordseo="it-department" source="Orion">IT department</keyword> has claimed discrepancies in the income declared by Huawei in India for at least two financial years. The department has alleged that the company had remitted ₹750 crore as dividends “even when its revenue was reducing drastically”. Huawei has been under the IT department’s scanner for quite some time now. In February, the department had frozen the bank accounts of the company after it found evidence of tax evasion during a search operation. The Delhi High Court had <a href="https://economictimes.indiatimes.com/industry/telecom/huawei-india-ceo-3-executives-summoned-in-i-t-case/articleshow/92137955.cms">summoned</a> the chief executive officer and three executives of Huawei after a complaint was filed by the IT department claiming the company was withholding information. “The non-compliance by the accused company and its officers had resulted in obstruction and stifling of search action of authorized officers,” the court had said in its order. Huawei in its petition to the court had claimed that the freeze on its accounts without any notice had affected its business. In its response to Huawei’s claims, the IT department claimed that it had "incriminating material" against Huawei and added that the company’s petition is "a ploy raised on frivolous grounds just to obstruct departmental proceedings and to avoid consequential payment of taxes". <cmsannotation type="cmsannotation" annotationid="Not the first Chinese company to come under the scanner" comment="subhead" text="Not the first Chinese company to come under the scanner">Not the first <keyword id="149012" type="General" weightage="20" keywordseo="chinese-company" source="Orion">Chinese company</keyword> to come under the scanner</cmsannotation> Huawei is not the first Chinese smartphone maker to come under the scanner of Indian agencies. Earlier this year, the Enforcement Directorate (ED) had <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">claimed</a> that Xiaomi had illegally remitted ₹5,551.27 crore. After Xiaomi, <keyword id="215177" type="General" weightage="20" keywordseo="vivo" source="Orion">Vivo</keyword> came under the scanner of ED, and earlier this month, the financial watchdog revealed that the company has transferred nearly <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">$8 billion</a> to its parent company in China over a five year period, which amounted to around 50% of the company’s turnover during the period. The ED is investigating violations of the Prevention of Money Laundering Act (PMLA) act by the Chinese smartphone maker. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">Vivo reportedly transferred nearly $8 billion to its parent company in China</a> <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a> <a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms">After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner</a>

Chinese smartphone maker Huawei comes under the IT department’s scanner over tax evasion

<ul><li>Finance Minister Nirmala <keyword id="679937" type="General" weightage="100" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> has revealed that the government is investigating multiple Chinese smartphone makers for tax evasion.</li><li><keyword id="874458" type="General" weightage="20" keywordseo="Xiaomi" source="Orion">Xiaomi</keyword>, <keyword id="1731609" type="General" weightage="20" keywordseo="oppo" source="Orion">Oppo</keyword>, and Vivo have come under the scanner of Indian agencies.</li><li>Here’s everything you need to know about the allegations against Chinese smartphone makers.</li></ul>Chinese smartphone makers occupy a huge share of the Indian market, and companies like Xiaomi, Oppo, and Vivo are among the leading smartphone makers in the country. Over the past few months, Chinese smartphone makers have come under the scanner of the country’s financial watchdog, the Enforcement Directorate (ED), and other agencies. Finance Minister Nirmala Sitharaman has confirmed that the government is investigating Xiaomi, Oppo, and Vivo. This was in response to a question raised by the Bharatiya Janata Party’s Sushil Modi in the Rajya Sabha. <cmsannotation type="cmsannotation" annotationid="Oppo" comment="subhead" text="Oppo">Oppo</cmsannotation> Oppo had come under the <a href="https://www.businessinsider.in/tech/enterprise/news/oppo-comes-under-dri-scanner-for-alleged-customs-duty-evasion-of-4389-crore/articleshow/92848544.cms">scanner</a> of the Directorate of Revenue Intelligence (DRI), the country’s apex anti-smuggling agency for customs duty evasion. "The Department of Revenue Intelligence (DRI) has issued notice to Oppo, the mobile company, for a total customs duty of ₹4,389 crore, and these are on the grounds of misdeclaration of certain goods, leading to a short payment in customs duty. That duty evasion, we think, is about ₹2,981 crores," Finance Minister Nirmala Sitharaman said in the Rajya Sabha. In addition, the government has also claimed that Oppo has under-valued certain imported goods, for which it is liable to pay an additional ₹1,408 core, taking its total liability to ₹4,389 core. "As regards the under-valuation of imported goods for the purpose of payments of customs duty, that we think is an evasion of ₹1,408 crore. So, that is for Oppo. Voluntarily, they have come about to deposit ₹450 crore, much against the total that is running in ₹4,389 crore. That is the demand. They have given only ₹450 crore," Sitharaman added. This means Oppo is still liable to pay ₹3,939 core. In an earlier statement to Business Insider India, Oppo revealed that the company has a different view on the allegations and will work with the government to solve the issue. <cmsannotation type="cmsannotation" annotationid="Xiaomi" comment="subhead" text="Xiaomi">Xiaomi</cmsannotation> Xiaomi India has also been under the scanner of the ED for quite some time. The agency earlier <a href="https://www.businessinsider.in/business/corporates/news/xiaomis-manu-kumar-jain-has-been-reportedly-summoned-by-the-enforcement-directorate/articleshow/90803402.cms">summoned</a> the company’s former India managing director Manu Kumar Jain. Speaking about Xiaomi, Sitharaman added, “Three showcause notices have been issued to them, and their approximate duty liability is about ₹653 crore. For the three show-cause notices which have been issued, they have deposited only ₹46 lakh.” The ED had claimed that Xiaomi India had illegally remitted ₹5,551.27 crore to three foreign entities. Xiaomi had claimed that this amount was actually paid for royalties. A source had earlier <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">revealed</a> to Business Insider India that over 80% of these remittances were made to the Qualcomm Group. <cmsannotation type="cmsannotation" annotationid="Vivo" comment="subhead" text="Vivo">Vivo</cmsannotation> Vivo came under the scanner of the ED in July 2022 after the agency raided 44 locations belonging to the company and its associates. The ED had claimed that Vivo had transferred nearly $8 billion to its parent company in China over five years to evade taxes. “The third company is Vivo India, for whom also there is a demand notice given for ₹2,217 crore, against which they have deposited ₹60 crore as a voluntary deposit. Of ₹1,25,000 crore, which is the total sale, Vivo has transferred through these 18 companies a huge amount of funds, and it is believed that Vivo India has, in turn, remitted ₹62,000 crores to its parent company, which is outside India," Sitharaman added. The above numbers reveal that Vivo transferred nearly a half of its revenue to its parent company in China. The investigations began after the Income Tax department <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">conducted</a> a massive raid in December 2021 at 15 locations of several companies such as Oppo, Xiaomi and OnePlus. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-allegedly-sent-62476-crore-to-china-to-evade-taxes-in-india-heres-everything-you-need-to-know/articleshow/92742439.cms">Vivo's offices caught with 2 kilo gold bars after sending ₹62,000 crore back to China – all you need to know on the ED probe</a> <a href="https://www.businessinsider.in/tech/enterprise/news/oppo-comes-under-dri-scanner-for-alleged-customs-duty-evasion-of-4389-crore/articleshow/92848544.cms">Oppo comes under DRI scanner for alleged customs duty evasion of ₹4,389 crore</a> <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a>

Finance Minister Nirmala Sitharaman reveals government is investigating multiple Chinese smartphone makers for tax evasion

<ul><li><keyword id="1731609" type="General" weightage="20" keywordseo="oppo" source="Orion">Oppo</keyword> has reportedly come under the scanner of the Directorate of Revenue Intelligence (DRI).</li><li>The DRI has detected customs duty evasion of ₹4,389 crore by Oppo.</li><li>The company has reportedly mis-declared the description of items imported by it.</li></ul>Oppo is the latest Chinese smartphone maker to come under the scanner of Indian agencies. The Directorate of Revenue Intelligence (DRI), the country’s apex anti-smuggling agency has detected customs duty evasion of around ₹4,389 crore. According to a <a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=1841150">release</a> by the Press Information Bureau, the DRI conducted a search operation at Oppo’s offices in the country and the residences of its key management, the agency recovered incriminating evidence that revealed willful misdeclaration in the description of items imported by the company. The items imported by Oppo were reportedly used for the manufacture of mobile phones in the country. The DRI has claimed that Oppo mis-declared the items to avail ineligible duty exemption benefits. It has claimed that the company availed an exemption of ₹2,981 crore. It looks like DRI has a strong case as the senior management of Oppo and domestic suppliers of the company have accepted the submission of wrongful descriptions to the Customs Authorities to evade payment of customs duty. <cmsannotation type="cmsannotation" annotationid="Oppo sent over ₹1,400 crore to China" comment="subhead" text="Oppo sent over ₹1,400 crore to China">Oppo sent over ₹1,400 crore to China</cmsannotation> Oppo reportedly also remitted a huge amount to China for payment of “Royalty” and “license fee”. The DRI has claimed that Oppo did not add the amount remitted to China in the transaction value of goods imported by them. This allowed the company to further evade customs duty of ₹1,408 crore, bringing the total amount of customs duty evasion to ₹4,389 crore. “After completion of the investigation, a Show Cause Notice has been issued to <keyword id="2034172" type="General" weightage="20" keywordseo="oppo-india" source="Orion">Oppo India</keyword> demanding Customs duty amounting to ₹4,389 crore. The said Notice also proposes relevant penalties on Oppo India, its employees and <keyword id="3513260" type="General" weightage="20" keywordseo="oppo-china" source="Orion">Oppo China</keyword>, under the provisions of the Customs Act, 1962”, the PIB release quoted DRI. <cmsannotation type="cmsannotation" annotationid="Oppo deposits ₹450 crore" comment="subhead" text="Oppo deposits ₹450 crore">Oppo deposits ₹450 crore</cmsannotation> Oppo has reportedly already deposited ₹450 crore as partial differential customs duty short. This means the Chinese smartphone maker will still have to pay ₹3,939 crore in customs duty. “We have a different view on the charges mentioned in the SCN. We believe it's an industry-wide issue many corporates are working on. OPPO India is reviewing the SCN received from DRI, and we are going to reply the notice, presenting our side, and will be working further with the related government departments. OPPO India is a responsible corporate and believes in prudent corporate governance framework. OPPO India will take appropriate steps as may be needed in this regard including any remedies provided under the law," Oppo said in a statement to Business Insider India. <cmsannotation type="cmsannotation" annotationid="Oppo joins Vivo, Xiaomi, and other Chinese smartphone makers" comment="subhead" text="Oppo joins Vivo, Xiaomi, and other Chinese smartphone makers">Oppo joins Vivo, Xiaomi, and other Chinese smartphone makers</cmsannotation> This comes at a time when other Chinese smartphone makers are already under the scanner of Indian agencies for tax evasion, money laundering and other violations. Oppo’s sister company Vivo recently came under the <a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms">scanner</a> of the Enforcement Directorate after the agency alleged that Vivo <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">remitted</a> ₹62,476 crore, which is around 50% of its revenue over a five-year period to its parent company in China to avoid paying taxes. The ED is also investigating Xiaomi over <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">allegations</a> that the company remitted ₹5,551.27 illegally. Huawei also came under the scanner of the Income Tax department after the company <a href="https://www.businessinsider.in/tech/enterprise/news/chinese-smartphone-maker-huawei-comes-under-the-it-departments-scanner-over-tax-evasion/articleshow/92739828.cms">remitted</a> ₹750 crore as dividends to evade taxes. SEE ALSO: <a>Vivo's offices caught with 2 kilo gold bars after sending ₹62,000 crore back to China – all you need to know on the ED probe</a> <a>After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner</a> <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">Vivo reportedly transferred nearly $8 billion to its parent company in China</a>

Oppo comes under DRI scanner for alleged customs duty evasion of ₹4,389 crore

<ul><li>India’s income tax department will be using big data to help track down tax evaders. </li><li>‘<keyword id="2972107" type="PERSON" weightage="20" keywordseo="Project-Insight">Project Insight</keyword>’ is a machine learning software that will be able to scour through social network posts to find between reported income and actual expenditure.</li><li>Canada, Australia and Belgium also use similar software to keep a check on tax evasion.</li></ul>The upcoming tax season is going to usher in a new era for India where the income tax department is <a href="https://economictimes.indiatimes.com/news/economy/policy/no-country-for-evaders-this-april-1-india-enters-uncharted-tax-territory/articleshow/68574891.cms">going to use</a> big data to improve tax compliance. And, if tax spending patterns don’t line up with tax declarations, tax payers could be in some hot water. Innocently labeled ‘Project Insight’, India’s new ₹1000 crore tax tracker can glean over user’s social networking profiles — scouring through vacation photos, social events, new purchases, spouse details — to catch any purchase that doesn’t match a tax payer’s income. Officials at the income tax department already gained access on March 15. Once it comes into full swing on April 1, India will join nations like Belgium, Canada and Australia who are already using big data to keep an eye on their tax payers. The goal of the Indian government is threefold. One, bring more people under the tax net. Two, catch citizens that are trying to avoid paying their taxes. And, three, close in on tax violators who already have pending demands over ₹10 lakh. How does this change things? Traditionally, the income tax department was primarily dependant on the banks in order to find discrepancies between how much a person actually spend and how much was disclosed on a tax report. But, with Project Insight, the government will now be able to glean over any person’s profile on social networks to find mismatches between reported earnings and expenditure. An expensive car, a foreign vacation or flying first class— anything that looks like an extravagant expenditure not in line with how much a person supposedly earns — will be caught on the income tax department’s radar. The software will help the department gather the relevant evidence like saving specific web pages, photos and documents which could then be used to initiate a probe. There are three ways that the tax department can profile a taxpayer. The first method is the basic tax payer master profile that includes information like name, address and past income tax returns. The ‘Business Intelligence’ part gets a little more creative and ferrets out tax payers that fall under the non compliant category. Then there’s also the ‘Geographic Information System’ that can zero in on specific areas. In each case, the income tax department can filter taxpayers based on income, profit, capital and gains. And, since it’s a machine learning integrate information management system, it will get more efficient over time as it gleans over more data.

India’s new tax tracker will be stalking your vacation photos

<ul><li><keyword id="215177" type="General" weightage="100" keywordseo="vivo" source="Orion">Vivo</keyword> has allegedly transferred ₹62,476 crore to its parent company in China, in addition to being caught with 2 kilo gold bars in one of its offices.</li><li>The Enforcement Directorate (ED) has claimed that Vivo remitted the amount to avoid paying taxes in India.</li><li>The financial watchdog has blocked over a hundred bank accounts of the company.</li></ul>Chinese smartphone maker Vivo is currently in hot waters with the Enforcement Directorate (ED) in India after the financial watchdog accused the company and its associates in India of violating the Prevention of Money Laundering Act (PMLA). The ED has <a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms">conducted raids</a> across 44 premises of Vivo and its associates in Uttar Pradesh, Bihar, Madhya Pradesh, Punjab, Haryana, and several other states across the country. The ED has accused Vivo of remitting nearly <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">$8 billion</a> to China. Here’s everything that you need to know about the allegations against Vivo. <cmsannotation type="cmsannotation" annotationid="Vivo has reportedly sent ₹62,476 crore to China to evade taxes" comment="subhead" text="Vivo has reportedly sent ₹62,476 crore to China to evade taxes">Vivo has reportedly sent ₹62,476 crore to China to <keyword id="14399574" type="General" weightage="20" keywordseo="evade-taxes" source="Orion">evade taxes</keyword></cmsannotation> According to a <a href="https://twitter.com/PTI_News/status/1545016847669415936">report</a> by PTI, the ED has claimed that Vivo has remitted ₹62,476 crore, which is around 50% of its revenue over a five-year period to its parent company in China to avoid paying taxes. "The agency is investigating why Vivo India declared profit as expenditure in its balance sheet and transferred substantial sums of money to China," an official familiar with the matter told <a href="https://www.businesstoday.in/technology/news/story/exclusive-ed-probes-rs-62000-cr-fund-transfer-to-vivo-indias-chinese-parent-340713-2022-07-07">Business Today</a>. The money laundering case against Vivo was filed by the agency after taking cognizance of an FIR filed by the Economic Offenses Wing of the Delhi Police against a Vivo distributor based in Jammu and Kashmir. The report has claimed that Chinese shareholders of the company have used forged identity documents. The ED has claimed that the identity was forged to launder money using shell companies and “proceeds of the crime” have been sent to China and other businesses to bypass Indian rules. <cmsannotation type="cmsannotation" annotationid="Two directors flee the country" comment="subhead" text="Two directors flee the country">Two directors flee the country</cmsannotation> A <a href="https://www.businessinsider.in/business/news/vivo-ed-raids-two-chinese-directors-of-a-related-company-flee/articleshow/92714054.cms">report</a> has also revealed that two Chinese directors of a company related to Vivo fled India after the ED raids. The directors were part of Solan, a Himachal Pradesh-based company that was associated with Vivo. The agency has claimed that the Chinese nationals were made directors of the company using forged documents. <cmsannotation type="cmsannotation" annotationid="India blocks over a hundred accounts linked to Vivo" comment="subhead" text="India blocks over a hundred accounts linked to Vivo">India blocks over a hundred accounts linked to Vivo</cmsannotation> As part of its investigation into money laundering violations, the ED has <a href="https://timesofindia.indiatimes.com/business/india-business/india-blocks-119-accounts-linked-to-chinas-vivo-in-money-laundering-probe/articleshow/92729778.cms">reportedly</a> blocked 119 bank accounts linked to Vivo. The accounts reportedly have over ₹465 crore. The agency has also seized ₹73 lakh in cash and 2kg gold. <cmsannotation type="cmsannotation" annotationid="China calls for a “fair and non-discriminatory business environment”" comment="subhead" text="China calls for a “fair and non-discriminatory business environment”">China calls for a “fair and non-discriminatory business environment”</cmsannotation> After the ED raided Vivo and its associates, a spokesperson from the Chinese embassy <a href="https://www.businessinsider.in/policy/economy/news/china-unhappy-with-vivo-raids-says-frequent-probes-chill-investor-confidence/articleshow/92715136.cms">called</a> for a “fair and non-discriminatory business environment” for Chinese firms in the country. "The Chinese government has always asked Chinese companies to comply with local laws and regulations in their overseas operations and will firmly support Chinese companies to maintain their legitimate rights and interests," Wang Xiaojian counselor and spokesperson, Chinese Embassy in India said in a statement. "The Indian side should act in line with laws and regulations and provide a fair and non-discriminatory business environment for Chinese firms," Xiaojian added. <cmsannotation type="cmsannotation" annotationid="India hits back, says Vivo needs to follow the law of the land" comment="subhead" text="India hits back, says Vivo needs to follow the law of the land">India hits back, says Vivo needs to follow the law of the land</cmsannotation> The Indian side has also hit back after the Chinese spokesperson called upon India to provide a non-discriminatory business environment. "Companies that operate here need to follow the law of the land. Our legal authorities are taking steps as per the law of the land. I don't see the case to make comments as such on it," Arindam Bagchi, spokesperson, ministry of external affairs said in a media briefing. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/chinese-smartphone-maker-huawei-comes-under-the-it-departments-scanner-over-tax-evasion/articleshow/92739828.cms">Chinese smartphone maker Huawei comes under the IT department’s scanner over tax evasion</a> <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a> <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">Vivo reportedly transferred nearly $8 billion to its parent company in China</a>

Vivo's offices caught with 2 kilo gold bars after sending ₹62,000 crore back to China – all you need to know on the ED probe

The <keyword id="6359833" type="UNKNOWN" weightage="20" keywordseo="Goods-and-services-tax">Goods and Services Tax</keyword> (GST), when it was first launched, was supposed to simplify the indirect tax system in the country, and at the same time lead to higher tax collections for the government. However, 20 months after it was introduced in July 2017, it has failed on both counts. Let’s take a detailed look on this issue, point-wise. 1) The central GST collections (see accompanying chart), or the portion of the total GST which goes into the central government’s kitty, stood at ₹37,095 crore, for February 2019. While, this was a slight improvement on the ₹35,066 crore collected in January 2019, it was nowhere near what was needed to fulfil the target set in the budget. 
 
 
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 2) When the budget for 2018-19 was originally presented in February last year, the government hoped to earn ₹6,03,900 crore from central GST. In the interim budget presented last month, the number was revised to ₹5,03,900 crore, which meant a shortfall of ₹1,00,000 crore. From the looks of it, it is highly unlikely that even the revised central GST target will be met. 3) Between April 2018 and February 2019, the total central GST collected stands at ₹4,12,531 crore. This is ₹91,369 crore short of the revised target of ₹5,03,900 crore, with just a month to go in this financial year. The highest central GST collection ever have been ₹57,893 crore in July 2018. Given this, it is highly unlikely that even the revised central GST target of ₹5,03,900 crore will be met. The government is likely to see a shortfall in excess of ₹50,000 crore from the revised target, if things go as per trend. If we compare this to the original target of ₹6,03,900 crore, the shortfall is likely to be ₹1,50,000 crore, if not more. And that’s quite a lot of money. 4) One reason offered for lower GST collections in the recent past has been that the GST council has cut the tax rates. This is something that goes against logic, given that these rate cuts are supposed to be revenue neutral. This basically means that a cut in rates should lead to a jump in GST collections, and hence, the government will end up earning the same amount of GST as it did in the past. The point about lower rates leading to lower GST collections doesn’t make much sense. 5) Now let’s apply Occam’s Razor in this case, which basically means the simplest answer is usually the correct one. A huge proportion of people, who the government thinks should be paying GST, currently aren’t. In November 2018, which is the latest data available, 28.75% of the those who should have been filing their GST returns, weren’t. The figure stood at 15.44% in April 2018. The question is why are so many people not filing their GST returns? The simple answer lies in the fact that they haven’t paid their share of GST. How can the government correct for this? The GST Council has tried to correct for this by lowering the rates. But that hasn’t worked. The only way to turn this around is to simplify the GST system operationally and philosophically, which clearly hasn’t happened. What has happened in the name of simplification is basically lowering of GST rates and taking away of input tax credit benefits. Without input tax credit, GST no longer remains a value added tax as it was originally envisaged to be. It becomes yet another tax, in a series of taxes, beating the entire purpose of launching the GST. 6) On the issue of GST being complicated, several experts have pointed out that the earlier system of many indirect taxes across states was even more complicated. That is true, but only partly. It is not true for the services part of GST which used to come under service tax. The service tax was a centralised tax and was much simpler than GST. Why can’t the government look at going back to similar structure, is a question well worth asking. In 2018-19, services are expected to form nearly 49.7% of the Indian economy. Given this, a tax which is applicable on nearly half the economy, cannot be complicated. Also, it is worth remembering that many of those operating in the services sector do not have the kind of scale, like those operating in the goods part of the economy do. 7) What has happened in the present GST operational structure is what I would like to call the classic frontend-backend government problem. The GST being collected needs to be split in different ways between the central government and the state governments. This is a process that should have been working in the backend and the GST filer need not have had to go through it while filing his returns. (How is it my concern as a taxpayer, whether the GST being charged as central GST, state GST or integrated GST, for that matter, as long as there is one number that I need to pay). But, like is the case with most government filings (the income tax returns are a terrific example), this backend has been moved on to the front end, for the individual filing the GST return to deal with. This is a problem at the heart of the current GST mess and tax collections are not going to improve, unless the government deals with it. And that will mean coming up with a totally new operational structure for the GST, given that the current one is in a big mess. Of course, that’s easier said than done. Vivek Kaul is a Business Insider India contributor. Kaul is an economist and the author of the ‘Easy Money’ trilogy. See more: <a href="https://www.businessinsider.in/gst-cut-on-real-estate-may-relieve-pain-temporarily/articleshow/68146057.cms">Indian real estate builders welcome GST relief but opinions are divided</a>

Lower rates alone will not stop GST evasion — simpler rules will

<ul><li>The <keyword id="65338" type="General" weightage="20" keywordseo="Income-Tax-department" source="Orion">Income Tax Department</keyword> has reportedly conducted raids at offices of <keyword id="874458" type="General" weightage="80" keywordseo="xiaomi" source="Orion">Xiaomi</keyword>, <keyword id="1731609" type="General" weightage="100" keywordseo="oppo" source="Orion">Oppo</keyword> and OnePlus.</li><li>As per reports, 15 offices of the companies have been raided across the country.</li><li>The raids are based on intelligence inputs of concealed income and tax evasion.</li></ul> The <keyword id="6354751" type="General" weightage="20" keywordseo="Income-Tax" source="Orion">Income Tax</keyword> Department today reportedly conducted raids and carried out search operations across offices of Oppo, Xiaomi, OnePlus, <keyword id="3048254" type="General" weightage="20" keywordseo="dixon" source="Orion">Dixon</keyword> and Rising Star India. Distribution partners of Oppo have also been raided. According to an Economic Times <a href="https://economictimes.indiatimes.com/industry/cons-products/electronics/income-tax-raids-underway-at-oppos-distribution-partners/articleshow/88428682.cms">report</a>, raids were conducted at 15 premises of Oppo, OnePlus and Xiaomi in Delhi NCR, Mumbai, Bengaluru and Hyderabad. The search operations were conducted based on intelligence inputs of concealed income and tax evasion. The report added that the raids at the distribution partners of Oppo began on Tuesday. “Different directorates are carrying out search operations on these companies,” an official familiar with the matter told ET. In addition to offices of these companies, the authorities are reportedly also searching the houses of senior executives from the company. The Enforcement Directorate (ED) recently conducted similar raids on offices of these companies and one of Oppo’s distribution partners in Hyderabad was penalized. "Oppo's Chinese distribution partner was recently penalized in hundreds of crores by the ED in Hyderabad," said a source familiar with the matter. “As an invested partner in India, we highly respect and abide by the law of the land. We will continue to fully cooperate with authorities concerned as per procedure,” Oppo said in a statement to Business Insider India. "As a responsible company, we give paramount importance to ensuring that we are compliant with all Indian laws. As an invested partner in India, we are fully cooperating with authorities to ensure they have all the required information," Xiaomi said in a statement to Business Insider India. Business Insider India has also reached out to OnePlus seeking a statement from the company. We will update the story once we receive a response. SEE ALSO: <a href="https://www.businessinsider.in/india/news/ed-summons-aishwarya-rai-bachchan-in-connection-with-the-panama-paper-leak-case/articleshow/88386048.cms">ED summons Aishwarya Rai Bachchan in connection with the Panama Paper leak case</a> <a href="https://www.businessinsider.in/india/news/anil-ambani-sachin-tendulkar-kiran-shaw-and-other-indians-named-in-the-pandora-papers-leak/articleshow/86745435.cms">Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak</a> <a href="https://www.businessinsider.in/tech/news/pegasus-google-reveals-how-the-sophisticated-spyware-hacked-into-iphones-without-users-knowledge/articleshow/88383175.cms">Pegasus: Google reveals how the sophisticated spyware hacked into iPhones without user’s knowledge</a>

Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India

New Delhi, Dec 26 () GST officials have unearthed a racket involving fake invoicing worth Rs 1,600 crore that resulted in tax evasion of Rs 241 crore, an official release said in a statement on Thursday.
 The racket was busted by the anti-evasion wing of CGST Delhi South Commissionerate.
 The main culprit was arrested and remanded to 10 days of judicial custody by a local court, the release by finance ministry said.
 The alleged racketeer had created several firms on the basis of unauthorised access to identity documents of various persons.
 The ministry said the Commissionerate discovered the case of fake invoicing and GST fraud alongside a "new modus operandi" of defrauding the exchequer by exploiting the facility of refunds given for inverted duty structure.
 "Over 120 entities who are involved in the transactions have come to light so far, involving fake invoicing of Rs 1,600 crore and tax evasion of Rs 241 crore," it added.
 It further said investigations in the case have unearthed a well organised racket of creating bogus firms, issuing fake invoices and bogus e-way bills to generate and encash tax credits.
 The new modus operandi was uncovered by a team of investigators, who worked over many weeks to unearth the maze of companies created across India, the ministry said.
 Incriminating electronic evidence have been recovered from the premises of the accused, it added. NKD NKD ANU
ANU

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