Infosys Limited has informed the Exchange regarding ' Disclosure Under Regulation 30 Of SEBI LODR Regulations'.
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Infosys has informed exchanges that the Director General of GST Intelligence (DGGI) has closed the pre-show cause notice proceedings against the company for financial years 2018-19 to 2021-22. The original notice pertained to alleged non-payment of IGST under the Reverse Charge Mechanism for the period July 2017 to March 2022, with a potential GST demand of Rs. 32,403 Crores. This follows an earlier closure for FY 2017-18 received in August 2024. With this latest communication, the entire GST matter now stands fully closed in Infosys' favour, with no show cause notice issued.
This is a significant positive development for Infosys shareholders as it removes the overhang of a potential Rs. 32,403 Crore tax liability. The closure without any penalty or further proceedings is likely to be viewed favourably by the market and could support the stock price.