Xiaomi penalised Rs653 cr for evading import duty

New delhi (TIP): Chinese mobile phone giant Xiaomi has been slapped with a demand of Rs 653 crore by the Department of Revenue Intelligence (DRI) for not including royalty payments in the assessable value of the goods it imported over three years from 2017 to 2020. The DRI had acted upon intelligence that Xiaomi India was evading customs duty by undervaluation. During the investigation, searches were conducted by the DRI at the premises of Xiaomi India, which led to the recovery of incriminating documents indicating that the Chinese company was remitting royalty and licence fee to Qualcomm, US, and to Beijing Xiaomi Mobile Software. During investigations, it further emerged that the “royalty and licence fee” paid by Xiaomi India to Qualcomm and to Beijing Xiaomi Mobile Software was not being added in the transaction value of the goods imported by Xiaomi India and its contract manufacturers.

Cairn drops all cases against India, to get Rs7,900-cr refund

New delhi (TIP): Cairn Energy has dropped all lawsuits against the Indian government and its entities in courts from the US to France and to Singapore, to now be entitled for about Rs 7,900-crore refund of taxes that were collected to enforce a retrospective tax demand. As part of the settlement reached in dispute over the levy of back taxes, the company has withdrawn all cases that were brought to collect the tax refund ordered by an international arbitration tribunal after rescinding retrospective raising of demand, according to an advertisement published in Indian newspapers on Wednesday.

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