Bosch Ltd on Thursday said it has received a tax demand of over ₹140 crore, along with interest, from the customs authority for differential duty on account of the interpretation of 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 of 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.
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.
