Tax & Penalty9 May 2026, 04:21 pm
IOL Chemicals Faces ₹2.06 Cr Customs Duty Demand
AI Summary
IOL Chemicals & Pharmaceuticals Ltd. has received an order confirming a demand for differential customs duty of ₹27,97,398, along with applicable interest and penalties totaling ₹2,05,94,796. The demand arises from alleged incorrect availment of ASEAN-India FTA exemption due to non-conforming Certificates of Origin. The company intends to file an appeal against the order. The company believes this levy does not have any material impact on its financials or operations.
Key Highlights
- IOL Chemicals faces a customs duty demand of ₹2.06 Cr.
- The demand is due to alleged incorrect FTA exemption claims.
- The company will file an appeal against the order.
- IOL Chemicals believes the levy has no material financial impact.