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Taxman puts Infosys on notice for over ₹32,000 crore | Mint

Livemint

Livemint · 1y ago

Taxman puts Infosys on notice for over ₹32,000 crore | Mint

Tax authorities have raised concerns about tax evasion of ₹32,403 crore ($4.3 billion) by India's IT giant, Infosys. The Directorate General of GST Intelligence (DGGI) is investigating the company for non-payment of integrated goods and services tax (IGST) over a five-year period. The investigation focuses on the inclusion of expenses incurred by Infosys' overseas branches as part of its export invoice, which the company believes is not subject to GST. Infosys has stated that it has paid its GST dues and is fully compliant with government regulations. The case has raised concerns about potential litigation and industry-wide implications.

Related News

Karnataka GST authorities ask Infosys to file fresh response to DGGI after recalling notice

YourStory

YourStory · 1y ago

Karnataka GST authorities ask Infosys to file fresh response to DGGI after recalling notice

The Karnataka authorities have withdrawn the pre-show cause notice served to Infosys and asked the IT company to submit a fresh response to the Directorate General of GST Intelligence (DGGI) regarding a GST demand of around Rs 32,400 crore. Infosys had received the notice for services availed by its overseas branches for five years since 2017 but maintained that it believes GST is not applicable to these expenses. The company has committed to responding to the notice. The massive demand is equivalent to over a year's profit for Infosys.

DGGI closing pre-show cause GST notice proceedings of Rs 3,898 cr for 2017-18: Infosys

YourStory

YourStory · 1y ago

DGGI closing pre-show cause GST notice proceedings of Rs 3,898 cr for 2017-18: Infosys

Infosys, India's second-largest IT services company, received communication from the Directorate General of GST Intelligence (DGGI) closing the pre-show cause notice proceedings for the financial year 2017-2018. The notice amounted to INR 3,898 crore ($522 million). Earlier in the week, Infosys received a INR 32,403-crore ($4.34 billion) GST notice from authorities. DGGI is responsible for improving compliance with indirect tax laws in India. Infosys believes that GST is not applicable to the mentioned expenses and has paid all its dues.

Nasscom bats for Infosys, says Rs 32k Cr GST notice shows lack of understanding of industry model

YourStory

YourStory · 1y ago

Nasscom bats for Infosys, says Rs 32k Cr GST notice shows lack of understanding of industry model

Nasscom, the apex IT association, has voiced its support for Infosys in response to the company's Rs 32,403-crore GST notice. Nasscom argues that the notice displays a lack of understanding of the IT industry's operating model and calls for clarity in compliance obligations to avoid unnecessary litigation. It emphasizes the importance of an enabling policy environment for accelerating service exports and attracting global tech investments to India. The GST notice issued to Infosys covers services availed from its overseas branches, but Infosys contends that these expenses are not subject to GST.

After Infosys, tax authorities may issue GST notices to more IT companies for alleged tax evasion: Report | Mint

Livemint

Livemint · 1y ago

After Infosys, tax authorities may issue GST notices to more IT companies for alleged tax evasion: Report | Mint

Indian tax authorities may issue notices to other IT companies for alleged tax evasion related to work conducted by their overseas offices. This comes after Infosys was recently issued a ₹32,403 crore GST notice. Industry body Nasscom responded to the tax demand, stating that it reflects a lack of understanding of the IT sector's operating model and that multiple companies are facing unnecessary litigation and uncertainty. Infosys argued that GST payments are eligible for credit or refund against the export of IT services. Nasscom called for enforcement mechanisms to honour government circulars and prevent negative impacts on India's ease of doing business.

Infosys gets relief on GST as DGGI closes Rs 32,400 Cr pre-show cause notice

YourStory

YourStory · 2m ago

Infosys gets relief on GST as DGGI closes Rs 32,400 Cr pre-show cause notice

Infosys received relief as the Director General of GST Intelligence closed pre-show cause notice proceedings against it for alleged GST dues of Rs 32,403 crore for FY2018-19 to FY2021-22. The issue pertained to services from overseas branches. Infosys maintained that GST was not applicable on such expenses and had complied with regulations. This closure ends a major GST dispute for the company, which had earlier asserted eligibility for GST credit or refunds.

RCap resolution: NCLAT seeks Hinduja’s reply on lenders’ plea to forfeit equity | Mint

Livemint

Livemint · 11m ago

RCap resolution: NCLAT seeks Hinduja’s reply on lenders’ plea to forfeit equity | Mint

The National Company Law Appellate Tribunal (NCLAT) has issued notice to IndusInd International Holdings Ltd (IIHL), a Hinduja Group company, regarding a plea filed by lenders of Reliance Capital seeking forfeiture of ₹2,750 crore of equity if IIHL fails to implement the resolution plan. The lenders are also seeking interest payment on the debt component of ₹7,300 crore. The matter will be heard on 30th September. The lenders have been at odds with Hinduja Group over the implementation of the plan, which involves IIHL taking over Reliance Capital for ₹9,861 crore.

Centre likely to accept Infosys’ plea on GST notice

Livemint

Livemint · 1y ago

Centre likely to accept Infosys’ plea on GST notice

The central government of India is likely to accept Infosys' plea that goods and services tax (GST) does not apply to the services it receives from its offshore branch offices. This move could potentially resolve a tax dispute and prevent further litigation. Infosys had received a pre-show cause notice from the Directorate General of GST Intelligence (DGGI), stating that it had not paid ₹32,403.46 crore in IGST over a five-year period. The government's intention to resolve this case quickly aligns with its goal of promoting an investor-friendly environment and attracting investments.

Government puts Wikipedia on notice after complaints of bias and inaccuracies

Economic Times

Economic Times · 9m ago

Government puts Wikipedia on notice after complaints of bias and inaccuracies

The Indian government has raised concerns about bias and inaccuracies on Wikipedia in an official notice sent to the platform. The notice questions why Wikipedia shouldn't be considered a publisher instead of an intermediary due to the editorial control held by a small group. This comes after a ruling by the Delhi high court criticizing Wikipedia's open editing feature as dangerous. Wikipedia's legal representatives assured the court that they have policies in place to govern user contributions and ensure compliance with the law. The platform currently faces legal battles in India over alleged inaccurate and defamatory content.

Infosys tweaks hiring process, not to send job offer letters via email; here’s the reason | Mint

Livemint

Livemint · 10m ago

Infosys tweaks hiring process, not to send job offer letters via email; here’s the reason | Mint

- Infosys has implemented a new recruitment process that requires new hires to access job details through the company's internal system rather than receiving email offers. - The purpose of this new process is to prevent fraudulent recruitment practices and improve the recruitment experience for job seekers. - Instead of receiving job offers and attachments via email, new recruits will have to log into Infosys' internal system to access their job application details. - The company's career website now displays a notice informing candidates that offer letters and associated documents are only available on the career site, and they no longer send emails with attached offer letters. - Infosys has expanded its partnership with Microsoft to drive global customer adoption of generative AI and Microsoft's cloud platform Azure, with the goal of delivering innovative solutions and enabling unprecedented innovation for customers.

Uttar Pradesh receives proposals worth Rs 40,000 crore under new semiconductor policy

Economic Times

Economic Times · 1y ago

Uttar Pradesh receives proposals worth Rs 40,000 crore under new semiconductor policy

The Uttar Pradesh government is attracting investment proposals worth Rs 40,038 crore for semiconductor manufacturing projects. Hiranandani group's Tarq Semiconductor is set to invest Rs 28,440 crore, while Kaynes Semicon is planning an investment of Rs 4,248 crore. Aditech Semiconductor and Vamasundari Investment Delhi are proposing investments of Rs 3,751 crore and Rs 3,599 crore, respectively. The projects are expected to generate over 32,000 jobs in the state and position Uttar Pradesh as a competitive destination for semiconductor investments. The state government is working on providing necessary infrastructure and support for the projects.

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