A man walks past a billboard of Infosys Technologies Ltd's office in Bengaluru.
Credit: Reuters Photo
Bengaluru: Close on the heels of the Karnataka GST authorities, on Thursday, withdrawing its notice to IT-behemoth Infosys for the relevant tax evasion of over Rs 32,000 crore between July 2017 and March 2022, the Directorate General of GST Intelligence (DGGI) has closed its tax proceedings against the company for FY18, when the GST liability was pegged at Rs 3,898 crore.
“The company has now received a communication from DGGI closing the pre-show cause notice proceedings for the financial year 2017-2018,” said Infosys in an exchange filing on Saturday. However, there is no mention about the remaining years for which it was served notice last week.
It may be recalled that on Wednesday late evening stock exchange filing, after being served the GST notice from the state authorities, Infosys had pointed out, “It is also important to note that the GST payments are eligible for credit or refund against export of IT services. Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter.”
The notice issued on Wednesday, had triggered a furore in the IT industry, with even the National Association of Software and Service Companies (Nasscom) issuing a statement on the issue, even as there are reports of the GST authorities gunning for other major players in the industry.