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What will be the impact on Infosys's financial performance for FY 2024-2025 due to the GST evasion investigation?
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Infosys's official financial statements and earnings reports
Story
Infosys Investigated for Alleged Rs 32,403 Crore ($4.2 Billion) GST Evasion
Jul 31, 2024, 02:27 PM
Infosys is under investigation by the Directorate General of GST Intelligence (DGGI) for allegedly evading integrated goods and services tax (IGST) amounting to Rs 32,403.46 crore ($4.2 billion) during the period from July 2017 to 2021-22. The Karnataka State GST authorities have issued a pre-show cause notice to Infosys, claiming the company is liable to pay IGST under the reverse charge mechanism on supplies received from its branches located outside India. Infosys, however, denies the allegations, stating that services incurred by its overseas centers do not fall under the GST ambit, citing a recent circular by the Central Board of Indirect Taxes. The outcome of this investigation could have significant ramifications for the industry.
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