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Customs imposes INR 33 crore fine on Tata Sponge Iron on coal imports-The 17th China(Guangzhou )Int¡¯l Casting product Exhibition
4/14/2016 Casting product expo |
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PTI reported that the Customs department has imposed a total fine of INR 33 crore on Tata Sponge Iron over its classification of coal imports. Tata Sponge Iron, a subsidiary of Tata Steel, said it has been meeting its coal requirement through imports.
It said ¡°Coal so imported was classified as steam coal by the company and duties are paid accordingly. According to the Customs department, this coal merited classification as bituminous coal. In the financial year 2013, the tariff of bituminous coal was higher than steam coal. Hence, the company paid the differential duty with interest under protest.¡±
The filing further said ¡°The Commissioner of Customs (Preventive) in adjudication of the company¡¯s ¡®payment under protest¡¯ has upheld the Customs department¡¯s classification and demanded fine amounting to INR 23.25 crore and a further penalty of INR 9.86 crore.¡±
The Tata Sponge Iron management is taking steps to challenge this unjustified demand, as per options available to it.
Tata Sponge is a coal-based merchant sponge iron producer and operates three rotary kilns with an installed capacity of 390,000 tonnes per annum to produce sponge iron.
-The 17th China(Guangzhou
)Int¡¯l Casting product Exhibition
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