Infosys Faces Major GST Claim of Rs 32,000 Crore

  •  Significant Tax Demand: Infosys, one of India's leading IT services companies, is currently contesting a substantial GST claim amounting to Rs 32,000 crore. The claim, issued by Karnataka State GST authorities, pertains to the period from July 2017 to March 2022.

  • Nature of the Claim: The tax demand is related to services availed by Infosys from its overseas branches. The authorities allege that Infosys did not pay GST on these services, leading to the massive tax demand.

  • Company Response: Infosys has responded to the pre-show cause notice, asserting that it is in full compliance with all central and state regulations. The company maintains that GST payments are eligible for credit or refund against the export of IT services.

  • Review Process: The authorities are currently reviewing Infosys' response. This review could potentially resolve ambiguities regarding the applicability of GST on intra-company services and provide a framework for settling such disputes in the future.

  • Market Impact: Following the disclosure of the tax claim, Infosys shares traded 1% lower. However, market analysts believe that the resolution of this issue will provide clarity and stability for the company's financial outlook.

  • Outlook: Infosys is committed to addressing the tax claim through appropriate legal channels and remains focused on maintaining compliance with all regulatory requirements.

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