DRI initiates inquiry against Maruti Suzuki over incorrect HSN code

Rate this post

Maruti Suzuki India on Wednesday said the Directorate of Revenue Intelligence has initiated an inquiry against it over incorrect HSN (Harmonized System of Nomenclature) code of an imported component.

In a regulatory filing, Maruti Suzuki India said it has received a communication regarding the inquiry from the Directorate of Revenue Intelligence (DRI), Hyderabad Zonal Unit, on February 20, 2024.

“As perI inquiry, the imported good ‘Shaft Assy Propeller’ is imported under incorrect HSN code as per explanatory notes of WCO (World Customs Organisation). Also, IGST (Integrated Goods and Services Tax) has been paid on few automobile parts at the rate of 18 per cent whereas the correct IGST is 28 per cent…,” the company said.

The company will file a suitable reply toI, the filing said adding, that there is no major impact on financial, operation, or other activities due to this inquiry.

Source link

Visit www.cagurujiclasses.com for practical courses

Pooja Gupta

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

Disclaimer:- The opinions presented are exclusively those of the author and CA Guruji Classes. The material in this piece is intended purely for informational purposes and for individual, non-commercial consumption. It does not constitute expert guidance or an endorsement by any organization. The author, the organization, and its associates are not liable for any form of loss or harm resulting from the information in this article, nor for any decisions made based on it. Furthermore, no segment of this article or newsletter should be employed for any intention unless granted in written form, and we maintain the legal right to address any unauthorized utilization of our article or newsletter.

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

Leave a Comment