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