Consumer electronics giant Samsung India approached the customs, excise and service tax appellate tribunal ( CESTAT ) in Mumbai to contest a massive penalty of over $500 million (almost Rs 4,200 crore) imposed by Indian customs authorities.
The penalty was imposed after allegations that the electronic giant wrongly classified certain telecom equipment imports , such as networking gear, leading to a lower customs duty. Sources told PTI that the network division of Samsung India used classifications that attracted 10–20% duties.
A similar allegation was previously flagged by the customs department.
The company supplied the network equipment in question to Reliance Jio , the telecom arm of billionaire Mukesh Ambani's Reliance Industries.
Samsung’s appeal has been filed through law firm Lakshmikumaran & Sridharan, but the matter is yet to be listed for hearing before the Mumbai bench of CESTAT.
Samsung India Electronics reported revenues nearing Rs 1 lakh crore for the financial year 2023–24, with Rs 16,626 crore attributed to its network business alone.
The penalty was imposed after allegations that the electronic giant wrongly classified certain telecom equipment imports , such as networking gear, leading to a lower customs duty. Sources told PTI that the network division of Samsung India used classifications that attracted 10–20% duties.
A similar allegation was previously flagged by the customs department.
The company supplied the network equipment in question to Reliance Jio , the telecom arm of billionaire Mukesh Ambani's Reliance Industries.
Samsung’s appeal has been filed through law firm Lakshmikumaran & Sridharan, but the matter is yet to be listed for hearing before the Mumbai bench of CESTAT.
Samsung India Electronics reported revenues nearing Rs 1 lakh crore for the financial year 2023–24, with Rs 16,626 crore attributed to its network business alone.
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