Troubles will increase for Chinese tech companies! Earning billions from India, but lagging behind in paying taxes

Troubles will increase for Chinese tech companies! Earning billions from India, but lagging behind in paying taxes

The troubles of Chinese companies may increase in the coming days. Actually, many investigative agencies of India are investigating against Chinese tech companies. Let us tell you that at present, Chinese companies such as Xiaomi, Oppo and Vivo dominate the mobile phone market in India. These Chinese tech companies are earning billions of rupees in India, but in the matter of paying tax, Chinese companies are proving to be laggy. Now the government has started investigation to expose the fraudulent activities of these companies. Many agencies are doing this investigation.

Chinese companies accused of tax evasion 

Let us tell you that recently various agencies had raided the locations of Chinese phone companies. It also had the Income Tax Department and the Directorate of Revenue Intelligence (DRI). In fact, these companies have not only hidden information about income, but also did not disclose their profit to avoid tax.

Chinese companies accused of ruining the domestic industry

Not only this, he has used his dominance to destroy the domestic industry. These companies are also accused of taking parts and not being transparent in the distribution of products. It is also being said that the Competition Commission of India can also be involved in this investigation process. This is because these companies are accused of taking advantage of their dominance and adopting restricted trade practices.

tax evasion by showing loss

An official said that the information given by the Chinese companies to the Registrar of Companies has shown losses. Whereas during this time they had tremendous sales and they topped the list of companies selling the most phones. Let us tell you that recently, a fine of Rs 625 crore has been imposed on Xiaomi and Vivo by the Ministry of Finance. 

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Adani's IPO size reduced, now plans to raise so much money from the market

Adani's IPO size reduced, now plans to raise so much money from the market

Edible oil company Adani Wilmar Limited (AWL) has reduced the size of its initial public offering (IPO) from Rs 4,500 crore to Rs 3,600 crore. According to a statement, the IPO of Adani Wilmar, a company that sells edible oils under the Fortune brand, is expected to come this month.

AWL is a joint venture company of Ahmedabad-based Adani Group and Singapore-based Wilmar Group. Both have a 50:50 stake in it. The IPO will now involve a fresh issue of equity shares worth Rs 3,600 crore and there will be no sale offer. Earlier, according to the red herring prospectus, Rs 4,500 crore was to be raised under the IPO.

Of the proceeds from the IPO, Rs 1,900 crore will be used for capital expenditure. Rs 1,100 crore will be used to repay debt and Rs 500 crore to finance strategic acquisitions and investments. When contacted for confirmation, a company spokesperson declined to comment.

On the other hand, the port development arm of Sajjan Jindal-led JSW Group on Friday announced raising $400 million through bonds from international investors. The money raised from the issue by JSW Infrastructure will be used to pay off the existing debt of the company and its subsidiaries. This is the company's first issue in the bond markets, according to an official statement.

It added that the seven-year bond was issued with an initial estimate of 5.25 per cent interest, but the company managed to get the final value at 4.95 per cent. The company's executive director and chief financial officer Lalit Singhvi said the bonds will further diversify and strengthen the sources of financing. (with Pti input)

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