Uno Minda Limited has disclosed that its subsidiary, Minda Westport Technologies Limited (MWTL), received an order from the Principal Commissioner of Customs (ICD Patparganj), New Delhi. The order relates to the classification of imported components used in manufacturing parts for vehicle CNG systems.
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Details of Tax and Penalty Demand
According to the disclosure, the authority has raised the following demands:
- Tax: ₹25,56,79,094
- Penalty: ₹25,56,79,094
- Interest: Applicable as per rules
The demand is linked to an alleged misclassification under CTH/HSN codes for imported components.
Company Response and Next Steps
MWTL has stated that it does not agree with the findings of the order and will file an appeal against it.
Impact on Operations
The company has indicated that it does not expect any material impact on its financial, operational, or other business activities as a result of the order.
Elctrik Speaks
The development highlights regulatory scrutiny around import classification in the auto components sector. While the financial exposure appears significant, the company’s intent to appeal and its statement on limited operational impact suggest that the matter may remain under legal review in the near term.
