Voltas Faces Rs 23.52 Crore Demand from Customs Authority

The customs authority has issued a demand notice to air-condition maker Voltas, alleging mis-classification of imported goods and demanding Rs 23.52 crore. Voltas plans to appeal the decision through the appropriate channels, asserting that the penalty will not affect its financials or operations.

The customs authority has issued a significant demand notice to the air conditioning manufacturer Voltas, amounting to Rs 23.52 crore. The notice, which includes duty and penalty, is related to alleged mis-classification of certain imported goods, as detailed in a regulatory filing on Monday.

Voltas, part of the Tata Group, is currently examining the demand order issued by the customs authority. The company has stated that it will explore all possible options, including an appeal to the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), to contest the order.

The order pertains to imports made from June 14, 2019, to July 21, 2022, demanding a differential customs duty of Rs 10.76 crore with interest, and a penalty of Rs 12.76 crore. Voltas has assured stakeholders that this will have no material impact on its financials and operations.

(With inputs from agencies.)