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Monday, December 23, 2024

Raymond Group settles customs duty evasion case

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Fashion and textiles business Raymond Group has settled an alleged customs duty evasion case which was filed by the Directorate of Revenue Intelligence and pertains to the import of 142 cars into India. 

Raymond Group is known for its textiles and apparel brands – Raymond- The Complete Man-nFacebook

Raymond Group paid Rs 328 crore through its unit JK Investors to settle the case, the Economic Times reported. The amount is inclusive of the differential duty as well as interest and a 15% penalty fee, according to the Directorate of Revenue Intelligence’s closing report for the case, accessed by ET Bureau. 
 
“This is an old matter and was a case of erroneous calculation which was paid by JK Investors (Bombay) and the matter stands closed,” said a spokesperson for JK Investors (Bombay), ET Bureau reported. 

According to the Directorate of Revenue Intelligence, Raymond Group’s chairman Gautam Singhania allegedly instructed vintage cars purchased at international auction houses to be undervalued and routed through businesses in the UAE, US, and Hong Kong before reaching India. The Directorate of Revenue Intelligence stated that its total revenue loss from the action was Rs 229.72 crore. 
 
“The loss to the exchequer is quite less than the mentioned amount as it includes penalty and interest and it was a case of miscalculation and not an attempt to route through a subsidiary to avoid taxes,” said a Raymond Group executive close to the development.  

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