Investigation of tax evasion of Rs 7,300 crores going on against several Chinese smartphone companies. Market share of Chinese phone companies may decrease in the country, investigation of tax evasion of Rs 7,300 crores going on against many companies | NewsBust Investigation of tax evasion of Rs 7,300 crores going on against several Chinese smartphone companies. Market share of Chinese phone companies may decrease in the country, investigation of tax evasion of Rs 7,300 crores going on against many companies | NewsBust

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Investigation of tax evasion of Rs 7,300 crores going on against several Chinese smartphone companies. Market share of Chinese phone companies may decrease in the country, investigation of tax evasion of Rs 7,300 crores going on against many companies

By Amit - October 1, 2022

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  • Market Share Of Chinese Phone Companies May Decrease In The Country, Investigation Of Tax Evasion Of Rs 7,300 Crores Going On Against Many Companies

New Delhi18 minutes ago

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Chinese smartphone companies may lose their market share in India due to government pressure. Rating agency Fitch has said this quoting the report of market watch firm Counterpoint and IDC.

Chinese companies may lose market share
Fitch’s report said, ‘Demand in India will remain strong. But the recent action taken by government agencies against Chinese smartphone companies will show effect. Chinese companies may lose market share.

Xiaomi’s share in the Indian market declined by 32%
Indian revenue agencies are probing allegations of tax evasion of around Rs 7,300 crore against Oppo, Vivo India and Xiaomi. Its effect is beginning to be seen. For example, Xiaomi’s share in the Indian market has declined by 32% since the second quarter of 2021.

Strong penetration of Chinese companies in the smartphone market
As of June, 4 of the top-5 smartphone companies in the country are from China, which has 63% market share. Samsung is not the only Chinese company in the top-5. Chinese company Xiaomi is at the top with 19% market share. However, its market share has decreased significantly compared to last year.

There is more news…

Amit

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