The Exchange has sought clarification from Infosys Limited with respect to recent news item captioned DGGI issues Rs 415 crore showcause notice to Infosys over alleged ineligible ITC refunds. The response from the Company is attached.
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Awaiting price reaction for this filing.
The Directorate General of GST Intelligence (DGGI) has issued a showcause notice of Rs 415 crore to Infosys regarding alleged ineligible Input Tax Credit (ITC) refunds. NSE sought clarification from Infosys after the news was reported, and the company has submitted its response, which is attached to the filing. This is currently a showcause notice (an initial regulatory demand for explanation), not a final order or penalty. The matter is related to GST tax credits, not a securities market or SEBI issue. Investors will need to await further developments on how the company defends the alleged ineligible claims.
The Rs 415 crore amount is not material relative to Infosys's overall financial size, but a negative outcome could create a one-time tax liability and short-term sentiment pressure. If the company successfully defends its position, the impact may be limited.