Breaking News: Infosys hit with ₹32,403 crore GST notice for overseas expenses #infosys #news

Infosys received a pre-show cause notice from Karnataka State GST authorities, demanding ₹32,403 crore for GST on services availed from its overseas branches between July 2017 and March 2022. Infosys, contesting the applicability of GST on these expenses, referred to a recent Central Board of Indirect Taxes and Customs circular stating that such services are not subject to GST. The notice from GST authorities, also echoed by the Directorate General of GST Intelligence, alleges non-payment of IGST on imported services. Infosys insists it has complied with all GST regulations, and the amount demanded exceeds a year's profit for the company.