Isgec Heavy Engineering Faces Imposition of Penalty and Customs Duty Demand
Isgec Heavy Engineering Limited has confirmed that the Company has been issued an order imposing a penalty and demanding customs duty from the Office of the Commissioner of Customs (NS-V), Maharashtra, INDIA. The order was received on May 20, 2026.The penalties and demands relate to an HSN Classification Issue concerning the goods. The Company had assessed the goods under HSN B6012000, but the Customs Department alleged that the correct classification should have been under HSN 87049012.
The official order mandates the payment of a penalty and a demand for customs duty, in addition to applicable interest.
Key details regarding the action taken by the customs authority are summarized below:
| Particulars | Details of Action |
|---|---|
| Authority Name | Office of the Commissioner of Customs (NS-V), Maharashtra, INDIA |
| Penalty Imposed | Rs. 2,76,66,845/- |
| Custom Duty Demand | Rs. 2,76,66,845/- (along with applicable interest) |
| Date of Order Receipt | May 20, 2026 |
| Violation Details | Discrepancy in HSN Classification (B6012000 vs. 87049012) |
The financial impact on Isgec Heavy Engineering Limited is quantified by the demand of Customs Duty of Rs. 2,76,66,845/- plus interest, alongside the stipulated penalty of Rs. 2,76,66,845/-. Following this order, the Company stated that it shall file an appeal under the Customs Act.
ISGEC Stock Price Movement
Today, Isgec Heavy Engineering Limited shares gained 0.35% to settle at ₹1064. The equity found support today, trading on a volume of 123,031 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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