Ahmedabad, Apr 26: The Director of Revenue Intelligence (DIR) has slapped a penalty of Rs 36 crore on the Essar Oil Limited (EOL) for its failure to pay the requisite Customs duty of about Rs 60 crore for importing machinery worth Rs 700 crores before the due date.This is in addition to Rs 36 crores, the EOL has been asked to pay for the five per cent hike in duty rate on those particular import items at the post-Budget rates as presented on February 27.
The sources said that since the duty amount was not realised before the budget, the new rates became effective. In effect, EOL would have to now pay Rs 132 crores instead of Rs 60 crores.
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