Kia India Pvt. has received a tax demand notice from the authorities over component imports even as the automaker has denied any wrongdoing noting that it has filed a "detailed response" regarding the matter.
According to industry sources, the tax authorities have slapped the automaker a notice to the tune of $155 million for wrong declaration of imports of components for the assembly of its premium model Carnival.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
When contacted over the issue, the automaker stated that as a responsible and law-abiding brand, it is committed to following all regulatory requirements in its operations.
"We have consistently cooperated with the authorities whenever required, and we remain dedicated to ensuring complete transparency throughout all processes," it added.
It further said, "Regarding the current matter, we have already filed a detailed response, supported by comprehensive evidence and documentation to substantiate our stand."
However, as the issue is currently under consideration by the relevant authorities, the company said it would not be able to comment further or provide additional details on the matter.
"We remain committed to complying with all due processes and regulations," it said.
Skoda Auto Volkswagen India, which represents the Volkswagen group in the country, has already filed a case against tax authorities over the Rs 11,000 crore (about $1.4 billion) show cause notice for alleged customs duty fraud related to the import of cars as completely knocked down units.
The Bombay High Court is scheduled to hear the matter on Feb. 17.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.