Schneider Electric President Systems Ltd receives ₹5.97L tax demand
Schneider Electric President Systems Ltd has received an Order-in-Original (OIO) under Section 73(9) of the Central Goods and Services Tax Act, 2017. The order relates to the availment of Input Tax Credit (ITC) on certain reverse charge mechanism (RCM) transactions from the pre-GST period (July 2017 to March 2018). The authority has confirmed a demand of ₹5,39,195 towards ITC, imposed applicable interest, and levied a penalty of ₹57,561, totaling ₹5,96,756. The company alleges inadmissible availment of ITC for services received from December 2016 to June 2017. Schneider Electric President Systems Ltd does not anticipate any material impact on its financials or operations and intends to contest the order through appropriate legal remedies.
Key Highlights
- Company received an Order-in-Original for GST-related ITC.
- Total demand is ₹5,96,756, including tax, interest, and penalty.
- Demand relates to pre-GST reverse charge mechanism transactions.
- Company plans to contest the order and expects no material impact.
Price Impact
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