Tax & Penalty30 Sept 2026, 04:27 pm
Schneider Electric Systems faces ₹14.16 Lakhs tax demand
AI Summary
Schneider Electric President Systems Ltd has received a Summary of Order regarding an Order-in-Original (OIO) passed under the Central Goods and Services Tax Act, 2017. The order pertains to the availment of Input Tax Credit (ITC) on certain reverse charge mechanism (RCM) transactions from the pre-GST period. The company has been confirmed a demand of ITC amounting to ₹5,39,195, along with interest of ₹8,20,050 and a penalty of ₹57,561, totaling ₹14,16,806. The company believes it has grounds to contest the order and is evaluating legal remedies, including an appeal. Schneider Electric does not anticipate a material impact on its financials or operations.
Key Highlights
- Received tax demand of ₹5.39 Lakhs for ITC on RCM transactions.
- Interest of ₹8.20 Lakhs and penalty of ₹0.57 Lakhs levied.
- Total demand amounts to ₹14.16 Lakhs.
- Company plans to contest the order and file an appeal.
- No material impact expected on financials or operations.
Price Impact
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