Infosys gets Rs.26.5 lakh IGST demand from Commercial Taxes Department:

Infosys gets Rs.26.5 lakh IGST demand from Commercial Taxes Department IT services firm Infosys Ltd announced that it had received a demand notice from the Commercial Taxes Department, specifically from the Assistant Commissioner (ST) of the Kelambakkam assessment circle in Chennai. The notice includes an integrated goods and services tax (IGST) demand, as well as a penalty and interest charges. The break up of demand order cum penalty notice includes IGST of Rs 26.5 lakh. This also includes a penalty of Rs 2.65 lakh, and interest amount of Rs 8.6 lakh. This communication from the authority arrived at Infosys on September 27, 2023, and it relates to a specific issue—the non-receipt of foreign inward remittances for export proceeds between October and November 2021. The failure to meet deadlines has been cited as the reason for this demand, as well as the associated penalties and interest charges. According to Infosys, this development will have no significant impact on its financials, operations, or other activities.