Infosys News today: Rejecting the Rs 32,000 crore tax evasion notice, Infosys claims it has paid all outstanding amounts and that GST does not apply to any charges claimed by the DGGI. Because of this, Infosys’ share price decreased by around 1%. At 9.16 am.
Infosys Tax Evasion Case
Early on August 1, the IT giant Infosys received a GST notification claiming a significant Rs 32,000 crore tax fraud; the company has refuted this charge. As a result, Infosys’ stock price plummeted by around 1%. At 9.16 am, Infosys shares were trading on the NSE for Rs 1,850. The stock continued its 0.5 percent decline from the day before.
The Directorate General of GST Intelligence stated that Infosys is “liable to pay IGST under reverse charge mechanism on supplies received from branches located outside India to the tune of Rs 32,403.46 crores for the period 2017-18 (July 2017 onwards) to 2021-22,” according to a Moneycontrol report from earlier yesterday.
What does Infosys say about This?
Regarding the charges claimed by DGGI, Infosys, for its part, stated in a stock exchange filing that GST is not relevant. The business further stated that it has paid all outstanding fees and complies fully with all applicable federal, state, and local legislation.
Moreover, Infosys has discovered that the notification is merely a pre-show cause notice and that no demand has yet been made. According to reports, the business would have to reply to the GST authorities with an explanation of why the demand is unsupportable.
This tax evasion news impacts the share price of Infosys today and Infosys shares fell by nearly 1%. Now see what IT giant Infosys do in the future and how to resolve this issue.
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