Maruti Suzuki India on Wednesday said the Directorate of Revenue Intelligence has initiated an inquiry against it over incorrect 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, Hyderabad Zonal Unit, on Feb. 20, 2024.
"As per DRI inquiry, the imported good 'Shaft Assy Propeller' is imported under incorrect HSN code as per explanatory notes of World Customs Organisation. Also, Integrated Goods and Services Tax has been paid on few automobile parts at the rate of 18% whereas the correct IGST is 28%...," the company said.
The company will file a suitable reply to DRI, the filing said adding, that there is no major impact on financial, operation, or other activities due to this inquiry.
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