Govt to not go easy on Infosys over Rs 32,000 cr GST demand
New Delhi: The government is not considering any relaxation of the tax demand sent to Infosys last month, Reuters reported, citing a government source.
The tax demand aligns with goods and services tax rules, and the country's second-largest IT services firm has requested ten days to respond after meeting with tax officials, the source said.
The source wished to remain anonymous as they were not authorized to speak to the media.
India issued a tax demand of over Rs 32,000 crore ($4 billion) to Infosys, related to services received from its overseas branches between July 2017 and 2021-22.
This amount represents 85 percent of the company's revenue for the quarter ended June 30.
In a notification to stock exchanges on August 3, Infosys stated that it received communication indicating the closure of the demand for the financial year 2017-18, which was Rs 38,980 crore.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Operation Sindoor on games field, India wins: PM Modi jibes Pak in congratulatory message for his country
Suryakumar Yadav donates Asia Cup match fees to Armed Forces and Pahalgam terror attack victims' families
US: Michigan church attack leaves four dead, gunman shot down
Narendra Modi congratulates Team India on Asia Cup win over Pakistan, recalls Operation Sindoor
