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Infosys Faces $4 Billion Tax Notice, Claims All Dues Paid
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IT outsourcing giant Infosys has been issued a Rs 32,403 crore GST evasion notice by the Directorate General of GST Intelligence (DGGI). The notice pertains to non-payment of GST on expenses incurred by its overseas branch offices from July 2017 to March 2022.
Infosys, the second-largest IT services company in India, reported in a BSE filing that the Karnataka State GST authorities initially issued the notice. This was followed by a notice from DGGI. According to the notice, "Infosys Ltd, Bengaluru is liable to pay IGST (Integrated Goods and Services Tax) under the reverse charge mechanism on supplies received from branches located outside India amounting to Rs 32,403.46 crores for the period 2017-18 (July 2017 onwards) to 2021-22."
In its filing, Infosys stated, "The Company believes that as per regulations, GST is not applicable on these expenses. Additionally, as per a recent Circular issued by the Central Board of Indirect Taxes and Customs on the recommendations of the GST Council, services provided by the overseas branches to the Indian entity are not subject to GST."
Infosys further asserted that it has paid all its GST dues. The company referred to a June 26, 2024, CBDT circular, which mentioned that in cases where full input tax credit is available to the recipient, if the invoice is not issued by the related domestic entity for any service provided by the foreign affiliate, the value of such services may be deemed as nil.
Former Infosys chief financial officer Mohandas Pai expressed his concerns on X, stating, “If this notice is correct, this is outrageous, a case of Tax Terrorism at its worst. Service exports from India are not subject to GST. Can officials interpret anything they want?”
Infosys
Infosys Share news
Infosys news
Infosys latest news
GST evasion notice
Directorate General of GST Intelligence (DGGI)
Karnataka State GST authorities
Integrated Goods and Services Tax (IGST)
Central Board of Indirect Taxes and Customs (CBIC)
Tax Terrorism
Service exports
Reverse charge mechanism
#Infosys #GSTNotice #TaxEvasion #ITServices #TaxRegulations #IndianEconomy #GST #TaxTerrorism #ServiceExports #FinanceNews #tcs #wipto #ibm #capgemini #techmahindrashareprice
Infosys, the second-largest IT services company in India, reported in a BSE filing that the Karnataka State GST authorities initially issued the notice. This was followed by a notice from DGGI. According to the notice, "Infosys Ltd, Bengaluru is liable to pay IGST (Integrated Goods and Services Tax) under the reverse charge mechanism on supplies received from branches located outside India amounting to Rs 32,403.46 crores for the period 2017-18 (July 2017 onwards) to 2021-22."
In its filing, Infosys stated, "The Company believes that as per regulations, GST is not applicable on these expenses. Additionally, as per a recent Circular issued by the Central Board of Indirect Taxes and Customs on the recommendations of the GST Council, services provided by the overseas branches to the Indian entity are not subject to GST."
Infosys further asserted that it has paid all its GST dues. The company referred to a June 26, 2024, CBDT circular, which mentioned that in cases where full input tax credit is available to the recipient, if the invoice is not issued by the related domestic entity for any service provided by the foreign affiliate, the value of such services may be deemed as nil.
Former Infosys chief financial officer Mohandas Pai expressed his concerns on X, stating, “If this notice is correct, this is outrageous, a case of Tax Terrorism at its worst. Service exports from India are not subject to GST. Can officials interpret anything they want?”
Infosys
Infosys Share news
Infosys news
Infosys latest news
GST evasion notice
Directorate General of GST Intelligence (DGGI)
Karnataka State GST authorities
Integrated Goods and Services Tax (IGST)
Central Board of Indirect Taxes and Customs (CBIC)
Tax Terrorism
Service exports
Reverse charge mechanism
#Infosys #GSTNotice #TaxEvasion #ITServices #TaxRegulations #IndianEconomy #GST #TaxTerrorism #ServiceExports #FinanceNews #tcs #wipto #ibm #capgemini #techmahindrashareprice
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