Customs authority has slapped a demand notice of ₹23.52 crore, including duty and penalty, on air-condition maker Voltas over alleged mis-classification of certain imported goods, a regulatory filing said on Monday.
Customs Authority Slaps ₹23.52 Cr Demand Notice on Voltas for Misclassification of Imported Goods
The company is analysing the order and will take appropriate course of action including filing of an appeal before the CESTAT in the matter, said the Tata Group firm
Customs Authority Slaps ₹23.52 Cr Demand Notice on Voltas for Misclassification of Imported Goods
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The company is analysing the order and will take appropriate course of action including filing of an appeal before the CESTAT in the matter, said the Tata Group firm.
As per the order, there was "mis-classification of certain imported goods pertaining to the period from 14th June, 2019 to 21st July, 2022".
It is "demanding payment of differential customs duty of ₹10.76 crore along with applicable interest, and a penalty of ₹12.76 crore under the relevant provisions of the Customs Act, 1962," According to Voltas, there is no material impact on the financials, operations or other activities of the company due to this penalty.