Schneider Electric President Systems: Tax Proceedings Dropped

Schneider Electric President Systems Ltd has received a Form GST ASMT-12 order from the Superintendent of Central Tax, effectively dropping tax proceedings for FY 2022-23. The order follows the company's satisfactory reply to a scrutiny notice (ASMT-10) concerning a potential demand of ₹11,95,68,159. As GST audit proceedings (ADT-01) were already initiated for the same period, the department accepted the company's submissions and closed the matter. This development has no financial impact on the company.