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 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% 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.
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