India’s leading automobile maker Maruti Suzuki received a demand of over Rs 9 crore from the Maharashtra customs authority on July 6 for payment of duties on imported goods at different rates.
In an exchange filing on Tuesday, the company said it is going to challenge the order before the appropriate authority.
Payment of Differential Duties and Penalties
The automaker said that the order came from the office of the Commissioner of Customs (NS-V, JNCH), Maharashtra, with respect to payment of duties on imported goods at different rates.
The company has been asked to pay a differential duty of Rs 4,73,94,938 along with a penalty of Rs 4,73,94,938 plus applicable interest, as said in the regulatory filing.
Having said that, the company also stated that there will be no major impact on the business operations, financials, and other activities due to the order.
Also Read: Maruti Suzuki’s Fourth Manufacturing Facility Sees Inauguration By PM Modi, Japanese PM Takaichi
Share Price Performance
Shares of Maruti Suzuki closed at Rs 14,528 apiece on Tuesday on the NSE, gaining 72 points or 0.5% from its previous close of Rs 14,456.
In the past month, the stock gained 12.5%, while the benchmark index Nifty 50 gained 4.42%, and in the past year the stock rose 17.03% against Nifty 50 losing 4.17% during the period.
Also Read: Maruti Suzuki, M&M Among Motilal Oswal’s Top Auto Picks Ahead Of Q1 Results — Check Target Prices
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