Raymond's Gautam Singhania pays Rs 328 crore to settle tax penalty

Raymond's Gautam Singhania reportedly paid Rs 328 crore in fine to settle a tax case for importing 142 cars. The 142 cars include 138 vintage and four R&D vehicles.

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Singhania, it has been alleged, undervalued the cars, which were allegedly routed through intermediaries registered in UAE, Hong Kong and US to evade duties worth Rs 229.72 crore.

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The Rs 328 crore fine includes differential duty along with interest and 15% fine.

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DRI in its report said Singhania's firm declared wrong values in the bills of entry and presented incorrect invoices before customs.

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The cars were bought between 2018 and 2021. Singhania allegedly evaded 251.5 per cent duty applicable on the import of vintage cars, which the tycoon wants for his museum in JK House, DRI said.

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JK House, Singhania’s Mumbai residence were subsequently searched. The agency also retrieved email and chats which revealed the actual prices of the cars bought.

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