Latest news with #CentralBoardofIndirectTaxes&Customs
Mint
2 days ago
- Automotive
- Mint
Bosch receives ₹140 crore demand from customs for differential duty on oxygen sensors, to appeal in tribunal
Auto component maker Bosch Ltd said on Thursday, 7 August, that it has been issued a demand of over ₹ 140 crore, along with interest, from the Indian customs authority for differential duty on oxygen sensors. In a regulatory filing, the company said it has received an order passed by the Principal Commissioner of Customs (Import) Air Cargo Complex, New Delhi, regarding an interpretation of the classification of oxygen sensors. The order is on account of interpretation on classification of oxygen sensors from one category to another, resulting in differential duty of ₹ 70,41,16,516, interest and penalty of ₹ 70,45,59,538, amounting to a total demand of ₹ 1,40,86,76,054 plus interest, it added. Bosch further said it will file an appeal before the tribunal in Delhi, by making a mandatory pre-deposit at the rate of 7.5 per cent on the differential duty demanded. It is in the process of representing this issue before the Central Board of Indirect Taxes & Customs to get clarification on the matter pertaining to oxygen sensors. Earlier this week, Bosch reported an over twofold jump in its consolidated net profit to ₹ 1,115 crore for the first quarter ended 30 June 2025, compared to ₹ 465 crore for the same quarter of the last fiscal year. Its total income rose to ₹ 5,077 crore in the June quarter, up from ₹ 4,496 crore in the year-ago period. During the quarter, the company completed the transfer of its "Video solutions, Access and Intrusions and Communication systems" business, recognising a profit on sale of business for ₹ 556 crore. "Our performance in the first quarter reflects strong growth, driven by increased revenue, higher demand in passenger cars and a reduction in material costs enabled by favourable product mix," Bosch Ltd MD Guruprasad Mudlapur had said. "Despite global challenges, we remain optimistic about the opportunities ahead," he said.
Mint
2 days ago
- Automotive
- Mint
Bosch receives ₹140 crore demand from customs for differential duty on oxygen sensors, to appeal in tribunal
Auto component maker Bosch Ltd said on Thursday, 7 August, that it has been issued a demand of over ₹ 140 crore, along with interest, from the Indian customs authority for differential duty on oxygen sensors. In a regulatory filing, the company said it has received an order passed by the Principal Commissioner of Customs (Import) Air Cargo Complex, New Delhi, regarding an interpretation of the classification of oxygen sensors. The order is on account of interpretation on classification of oxygen sensors from one category to another, resulting in differential duty of ₹ 70,41,16,516, interest and penalty of ₹ 70,45,59,538, amounting to a total demand of ₹ 1,40,86,76,054 plus interest, it added. Bosch further said it will file an appeal before the tribunal in Delhi, by making a mandatory pre-deposit at the rate of 7.5 per cent on the differential duty demanded. It is in the process of representing this issue before the Central Board of Indirect Taxes & Customs to get clarification on the matter pertaining to oxygen sensors. Earlier this week, Bosch reported an over twofold jump in its consolidated net profit to ₹ 1,115 crore for the first quarter ended 30 June 2025, compared to ₹ 465 crore for the same quarter of the last fiscal year. Its total income rose to ₹ 5,077 crore in the June quarter, up from ₹ 4,496 crore in the year-ago period. During the quarter, the company completed the transfer of its "Video solutions, Access and Intrusions and Communication systems" business, recognising a profit on sale of business for ₹ 556 crore. "Our performance in the first quarter reflects strong growth, driven by increased revenue, higher demand in passenger cars and a reduction in material costs enabled by favourable product mix," Bosch Ltd MD Guruprasad Mudlapur had said. "Despite global challenges, we remain optimistic about the opportunities ahead," he said. The company is investing decisively in hydrogen, electrification, and digital services - positioning itself at the forefront of sustainable mobility.
Economic Times
2 days ago
- Automotive
- Economic Times
Bosch gets over Rs 140 crore demand from customs authority for differential duty on oxygen sensors
Bosch Ltd on Thursday said it has received demand of over Rs 140 crore, along with interest, from the customs authority for differential duty on account of the interpretation of the classification of oxygen sensors. The company has received an order passed by the Principal Commissioner of Customs (Import) Air Cargo Complex, New Delhi, in respect of interpretation on classification of oxygen sensors, Bosch Ltd said in a regulatory filing. The order is on account of interpretation on classification of oxygen sensors from one category to another, resulting in differential duty of Rs 70,41,16,516, interest and penalty of Rs 70,45,59,538, amounting to a total demand of Rs 1,40,86,76,054 plus interest, it added. The company will file an appeal before the tribunal in Delhi, by making a mandatory pre-deposit at the rate of 7.5 per cent on differential duty demanded, Bosch said, adding it is in the process of representing this issue before the Central Board of Indirect Taxes & Customs to get clarification on the matter pertaining to oxygen sensors.
