The company has received Final order from the office of the Customs Excise and Service Tax appellate Tribunal (CESTAT), Bangalore.
MRPL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
MRPL received a favourable Final Order from CESTAT, Bangalore in a customs duty classification dispute. The case involved imported Reformats where MRPL had classified them under CTH 27075000, while the Customs Department claimed the correct classification was CTH 2701/219. The Department had raised a total demand of ₹616.82 crore including ₹212.11 crore differential duty, ₹46.30 crore interest, ₹258.41 crore penalty, and ₹100 crore redemption fine. MRPL had already deposited ₹212.53 crore under protest. CESTAT allowed MRPL's appeal, making the company eligible for a refund of the amount deposited under protest. This also extinguishes the contingent liability of ₹616.82 crore.
Positive for shareholders as MRPL wins the customs dispute, improving cash flow through ₹212.53 crore refund eligibility and eliminating ₹616.82 crore contingent liability.