ISGEC Heavy Engineering fined ₹2.76 Crore by Customs Dept.
Isgec Heavy Engineering Limited faces a penalty of ₹2.76 Crore and a demand for Custom Duty of ₹2.76 Crore, plus interest, from the Commissioner of Customs. The issue involves HSN classification. The company plans to appeal the order.
The penalty and custom duty demand are substantial and will impact the company's financials, though the company plans to appeal, which could mitigate the impact.
The company has been imposed a significant penalty and custom duty demand by the customs department, which will have a negative financial impact.
Isgec Heavy Engineering Limited has received an order imposing a penalty of ₹2,76,66,845/- and a demand for Custom Duty of the same amount, along with applicable interest, from the Office of the Commissioner of Customs (NS-V), Maharashtra.
The order was received on May 20, 2026. The alleged contravention pertains to an HSN Classification Issue, where the company classified goods under HSN 86012000, while the Customs Department alleged they should be assessed under HSN 87049012.
The financial impact is quantified by the demand of customs duty and the penalty, both amounting to ₹2,76,66,845/-. The company intends to file an appeal against this order under the Customs Act. This intimation is being published on the company's website.
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Isgec Heavy Engineering Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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