GST order demands about Rs 14.17 lakh on pre-GST ITC, company to appeal
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Schneider Electric President Systems received a GST order from the Central Tax authority in Bengaluru demanding about Rs 5.39 lakh in tax, Rs 8.20 lakh in interest, and Rs 57,561 in penalty, totaling around Rs 14.17 lakh. The order relates to alleged inadmissible Input Tax Credit claims on Reverse Charge Mechanism transactions for the pre-GST period from August 2017 to March 2018. The company states there is no material impact on its financials or operations and will file an appeal.
Small demand relative to company size. Company disputes the order and plans to appeal, so financial impact is expected to be limited.