Tax & Penalty1 Jun 2026, 06:11 pm
TTK Healthcare Pays ₹9.93 Lakh Penalty on Customs Duty Classification
AI Summary
TTK Healthcare Ltd. has paid a penalty of ₹9,93,320 to the Customs Department following a disagreement over the classification of imported products. The Customs Department reclassified the products from 'Mechano-therapy Appliances' (7.5% duty) to 'Massage Apparatus' (10% duty). TTK Healthcare paid the differential duty of 2.5% along with interest. While the Customs Department insisted on a penalty of 15% of the differential duty, the company voluntarily paid the penalty to resolve the matter.
Key Highlights
- TTK Healthcare faced a customs duty classification issue on imported products.
- The company paid ₹9,93,320 as penalty to the Customs Department.
- The dispute involved reclassification from 7.5% to 10% basic customs duty.
- TTK Healthcare initially paid the differential duty and interest.
- The company voluntarily paid the penalty to close the matter.
Price Impact
More from TTKHEALTH