Quick Summary
Infosys has been issued a penalty notice exceeding Rs 3 crores by the Deputy Commissioner of Commercial Taxes in Bengaluru. The penalty, which pertains to alleged discrepancies in tax payments and the excessive use of Input Tax Credit (ITC) for the financial year 2019-20, was disclosed by the IT giant in a statement released on Saturday. Despite the significant sum, Infosys assured stakeholders that the penalty would not have a material impact on its financials, operations, or overall perform
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FAQ :
Infosys has been issued a penalty notice exceeding Rs 3 crores.
The penalty is for alleged discrepancies in tax payments and the excessive use of Input Tax Credit (ITC) for the financial year 2019-20.
Infosys has assured stakeholders that the penalty will not have a material impact on its financials, operations, or overall performance.
Yes, this penalty notice comes amid a broader investigation by the Directorate General of Goods and Services Tax Intelligence (DGGI) into allegations of Integrated Goods and Services Tax (IGST) evasion by Infosys.
Yes, the DGGI had previously flagged Infosys for alleged IGST evasion of Rs 32,403 crore, and proceedings for the financial year 2017-18 involving Rs 3,898 crore have been closed.
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