Hyundai India clarifies on tax evasion charges by DRI

Hyundai Motor India Limited, in an official statement, has categorically denied the allegations of resorting to mis-declaration of the value of components imported by it for the manufacture of passenger cars or having suppressed information of the same. The show cause notice served on HMIL by the Directorate of Revenue Intelligence (DRI) will be challenged by HMIL under the due process of law in the appropriate forum, as claimed by Hyundai HMIL has maintained that it imports all the components based on transaction value and the relevant duty has been paid to the appropriate authorities with full documentation. Therefore any allegation that HMIL is resorting to mis- declaration is false, baseless and unfounded. The Indian arm of the South Korean carmaker has filed every single invoice, agreement(s) and bill of entry with the customs department as per prescribed procedures and there is no scope for suppression of any kind. The disputed value of Rs. 266 crore, represents 2pc of the total import value of approximately Rs. 14,000 crore in the last five years. HMIL avails the ‘Accredited Client Programme Facility’ from the Government of India which is a status reserved for the largest exporters from India.