New Delhi: Maruti Suzuki India Ltd. has received a customs duty demand exceeding Rs 9 crore from the Office of the Commissioner of Customs (NS-V, JNCH), Maharashtra, over the payment of duties on imported goods at different rates.
In a regulatory filing, the country’s largest carmaker said it plans to challenge the order before the appropriate authority, while maintaining that the demand will not have any material impact on its business operations or financial position.
Demand includes duty and penalty
According to the filing, the customs authority has directed Maruti Suzuki to pay a differential customs duty of Rs 4.74 crore, along with an equal amount as penalty, taking the total demand to over Rs 9 crore, excluding applicable interest.
The order relates to the assessment of duties on imported goods under different tariff rates.
Company says business remains unaffected
Maruti Suzuki stated that it does not expect the order to have any significant impact on its operations, financial performance or other business activities. The company added that it will pursue legal remedies by challenging the order before the competent authority.
Stock ends higher
Despite the customs duty demand, Maruti Suzuki’s shares closed higher on Tuesday. The stock settled at Rs 14,528 on the NSE, gaining 0.5 per cent from the previous close of Rs 14,456.
Over the past month, the stock has gained 12.5 per cent, outperforming the Nifty 50, which rose 4.42 per cent during the same period. On a one-year basis, Maruti Suzuki shares have delivered a 17.03 per cent return, while the benchmark index has declined 4.17 per cent.
The company remains one of India’s strongest-performing automobile manufacturers, with investors continuing to monitor regulatory developments alongside its business growth.