Customs Authority Confirms Differential Duty and Penalty for Rane Holdings Subsidiary
Rane Holdings Limited, through its wholly owned subsidiary, Rane Steering Systems Private Limited (RSSL), has received an official order from the customs authority concerning tariff classification issues. The order, passed by the Office of Principal Commissioner of Customs ICD, Patparganj, New Delhi, confirms a differential duty and levies applicable interest and penalty against RSSL.The communication was received on April 16, 2026. The matter pertains to the wrong tariff classification identified across 39 Import Bill of entries.
RSSL had previously faced a Show Cause Notice related to this classification. The subsequent order, passed under Section 28 of the Customs Act, 1962, confirmed the differential duty and imposed financial penalties. The period covered by this communication spans from May 2023 to January 2025.
The financial implications stemming from the customs order are detailed as follows:
| Component | Amount |
|---|---|
| Differential Duty | Rs. 2.69 Crores |
| Interest and Penalty | Rs. 0.20 Crores |
| Total Penalty Imposed | Rs. 0.20 Crores |
RSSL confirmed that the Authority's order confirms the aforementioned differential duty and levies applicable interest and penalty.
In response to the order, Rane Steering Systems Private Limited stated that it will contest the findings before the appropriate authority or forum within the prescribed timelines, following consultation with its consultants and tax advisors.
RANEHOLDIN Stock Price Movement
Shares of Rane Holdings Limited are edging higher to ₹1135 as of 11:11 AM today, rallying 1.94% in live trading. The equity has seen 7,486 shares traded so far into the session, highlighting solid buying momentum.Source:
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