Kia India gets $155-million tax demand notice over component imports
The Hindu
Kia India faces tax demand notice over component imports, denies wrongdoing, and files detailed response with authorities.
Kia India 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.
As per industry sources, the tax authorities have slapped the automaker a notice to the tune of USD 155 million for wrong declaration of imports of components for the assembly of its premium model Carnival.
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 ₹11,000 crore (about USD 1.4 billion) show cause notice for alleged customs duty fraud related to the import of cars as completely knocked down units.
SBI reports 84.3% YoY profit growth, NII up 4.6%, asset quality improves, Chairman optimistic about future growth.
Zomato rebrands as "Eternal" to encompass major businesses, including Blinkit, District, and Hyperpure, signaling strategic growth shift.
Bharti Airtel reports massive profit increase and revenue growth in Q3 of 2024-25 fiscal year.
Sensex and Nifty slide amid RBI caution, foreign fund outflows; market awaits monetary policy decision.
Rupee hits all-time low against dollar due to rate cut fears, global trade war uncertainty, weak domestic markets.
Long-pending permission issue with KIOCL, Union Minister informs Lok Sabha
SBI reports strong financial performance with increased profits and improved asset quality in Q3 of current fiscal year.
Madras High Court orders TAFE and Massey Ferguson to maintain status quo in trademark dispute.
Swiggy shares drop 8% to record low due to wider loss from quick commerce expansion against Zomato.
Sensex and Nifty trade lower amid RBI caution, foreign fund outflows; market awaits rate cut decision.
Rupee hits record low against U.S. dollar on anticipation of RBI rate cut, weak economic data, and foreign fund outflows.
India may be able to develop its own high-end computing chipset, known as GPUs, in the next 3-5 years, Union Minister Ashwini Vaishnaw said.
DeepSeek has computer code that could send some user login information to a Chinese state-owned telecommunications company, say researchers.