 "Maruti Suzuki")
Maruti Suzuki | Photo by Milan Masnikosa on Pexels
The notice asks Maruti Suzuki to explain why it claimed a customs duty exemption on certain imports. The customs authority is seeking a differential duty of Rs 3.81 crore along with interest and penalties. “There is no major impact on financial, operation or other activities due to this Notice,” the company said in an exchange filing.
Earlier, in March of this year, Maruti Suzuki received an Order-In-Original from the Office of the Commissioner of Customs, NS-III at Jawaharlal Nehru Custom House, Nhava Sheva. The company was asked to pay Rs 27.87 lakh, including tax differences, fines, and penalties for using different harmonised system of nomenclature (HSN) codes on a category of imported items.
At the time, the automaker said that it would file an appeal against this order.
The Directorate of Revenue Intelligence (DRI) also investigated Maruti Suzuki for using incorrect HSN codes for imported components. The company received communication from DRI’s Hyderabad Zonal Unit in February 2024.
Maruti Suzuki sees 47 per cent jump in Q1 profit
Maruti Suzuki reported a strong standalone profit for the April-June quarter, with net profit growing by 47 per cent to Rs 3,650 crore year-on-year. This growth was primarily driven by the increasing demand for its sport utility vehicles (SUVs).
Maruti Suzuki’s export operations also remain robust, with the company exporting over 280,000 units in FY 2023-24, securing a 42 per cent share of India’s passenger vehicle exports. In Q1 FY25 alone, the automaker exported a record 70,560 units, marking an 11.6 per cent increase over the same period last year.
Recently, Maruti Suzuki commenced the export of its SUV, Fronx, to Japan, marking a significant milestone as the first SUV from Maruti to be launched in Japan.
First Published: Aug 14 2024 | 1:18 PM IST
