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Breaking! India may investigate 40 more Chinese companies!
Time:2023-11-03 13:36:57      Click:649

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The latest news, the photovoltaic industry, there are rumours that the Indian income tax department is on China's mainstream 40 photovoltaic enterprises to investigate, the reason for the investigation is suspected of tax evasion, the scope of the investigation covers the company and its Indian dealers.

According to the first financial reports, a domestic first-tier photovoltaic enterprises informed sources replied: "Indeed, the actual has lasted nearly a month. Domestic related photovoltaic enterprises to assist in the investigation and accept the enquiry, did not involve arrests, the results of the investigation are not yet out, the new energy business of the relevant enterprises are still in normal operation, unaffected."

"If the follow-up out of a clear conclusion, such as there is indeed the phenomenon of tax evasion, may be out of the 'sky-high fines' and so on." The above informed sources further told reporters, "Now the domestic PV module has appeared below 1 yuan / watt of the seedling, component prices have actually been lower than its cost price. Subsequently, if there are Chinese PV companies because of the unbearable cost and industrial chain price reduction pressure in foreign markets at similar lower prices, then do not rule out the risk of being identified as dumping."

Tianfeng Securities research data show that in September 2023, China's photovoltaic cell module exports to India 2.325 billion yuan, an increase of 1756.4% over last year.

As the world's third largest installed PV market, India's PV market demand is strong. However, as the only PV market above 10GW level outside China and the United States, India's PV market is characterised by a high dependence on imports, especially a high dependence on Chinese PV companies. Indian government data show that from 2021 to 2022, India imported $3 billion worth of PV panels, 92% of which came from China.

It is reported that, in order to promote localised manufacturing and get rid of the status quo, in the past five years, India's imports of Chinese photovoltaic products there are a series of trade restrictions.

Disclaimer: The news in this article originated from the first financial, Tianfeng Securities, by the YuanXinAi electronic collation, the news has not been officially confirmed, only for the purpose of communication and learning.

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