In a recent regulatory disclosure, Infosys has confirmed that it has received a demand order from tax authorities, which includes the collection of Goods and Services Tax (GST), along with interest and penalties. The total demand, including the penalty, amounts to Rs 37.75 lakh.
Breaking down the demand order, it comprises Integrated Goods and Services Tax (IGST) of Rs 26.5 lakh, accompanied by a penalty of Rs 2.65 lakh and an interest amounting to Rs 8.6 lakh. The tax authorities have raised this demand due to the alleged non-receipt of foreign inward remittances related to export proceeds during the period between October 2021 and November 2021, as outlined by Infosys in its regulatory filing with the Bombay Stock Exchanges.
Despite this development, Infosys remains resolute that there will be no substantial impact on its financials, operational activities, or any other aspects of the company. The firm has provided this assurance regarding the effect of the demand order on its operations and financial standing