Indian tax officials visit liquor maker Radico Khaitan's offices amid Scotch imports review
Indian tax officials visit liquor maker Radico Khaitan's offices amid Scotch imports review Oct 27 (Reuters) - Indian liquor maker Radico Khaitan RADC.NS said on Tuesday that tax officials visited two major offices and a manufacturing facility, amid a wider review of bulk Scotch imports.
The visit from the Directorate of Revenue Intelligence is part of "an industry-wide exercise" being conducted by the authority, the company said
The visits, to an office in Delhi and a manufacturing facility and another office in the northern state of Uttar Pradesh, has no impact on financial or operational activities, Radico Khaitan added
The Indian tax authority is looking into whether liquor giants Pernod Ricard PERP.PA and Diageo DGE.L wrongly classified some bulk Scotch imports, allowing them to pay lower tariffs, Reuters exclusively reported last week
The tax department is concerned that companies are wrongly classifying bulk Scotch concentrates as products eligible for lower tariffs under the India-UK trade pact, Reuters reported
Under the trade pact, which took effect on July 15, India agreed to halve import taxes on some Scotch imports to 75% from 150%
(Reporting by Abhirami G in Bengaluru; Editing by Joyjeet Das)