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Infosys receives demand notice for IGST with penalty and interest

Sep 29, 2023

By: BlinkX Research Team

On Thursday, September 28, the IT services company Infosys Ltd. stated that it had received a demand notice from the Commercial Taxes Department, especially from the Assistant Commissioner (ST) of the Kelambakkam assessment circle in Chennai.

A demand for integrated goods and services tax (IGST), together with a penalty and interest charges, is included in the notification.

The demand is broken down as follows: 26.5 lakh rupees in IGST, along with 2.6 lakh rupees in penalties, and an additional 8.58 lakh rupees in interest charges.

This notice from the authority reached Infosys on September 27, 2023, and it is related to the non-receipt of foreign inward remittances for export proceeds between October and November 2021.

The reason for this demand and the related fines and interest charges, according to the authorities, is the failure to follow stipulated timelines.

According to Infosys, this development won't significantly affect the company's finances, operations, or other activities.