Chinese EV giant BYD accused of underpaying taxes of Rs $9 mn in India

New Delhi, Aug 2 (IANS) Chinese automotive giant BYD (Build Your Dreams) has allegedly underpaid taxes of $9 million in India and is likely to undergo a tax investigation.

The DRI has accused the BYD of paying too little tax for the cars it ships to India. The DRI has not made any official statement on the matter, and the firm is likely to undergo a tax investigation.

However, the firm has stated that they have paid the taxes based on DRI's findings.

BYD is facing charges and penalties that can be imposed on it. At present, the OEM brings EVs to India via the CKD (Completely Knocked Down) route and assembles them at their plant in Sriperumbudur, near Chennai.

The firm has said that, as per DRI's report, they have deposited the whole amount and were following the Indian law rules for conducting trade.

BYD has not made any official statement in this respect as of now. The BYD has planned to invest one billion dollar business in India in its electric car trade, which was scrapped by the Central government after scrutiny.

Disclaimer: This story has not been edited by the Sakshi Post team and is auto-generated from syndicated feed.