Infosys’s share price was ₹1,850 on the NSE when it dismissed the notice, according to Infosys. Today, August 1, Infosys’s stock dropped by about 1% following the IT giant’s receipt of a GST notification indicating a ₹32,000 crore tax evasion. Even after the company denied the notice, Infosys shares continued to trade at ₹1,850 on the NSE. The stock continued its 0.5 percent decline from the day before. Infosys share price: A man passes by a Bangalore billboard for Infosys Technologies Ltd.
What tax evasion notice on Infosys noted?
The Directorate General of GST Intelligence said that Infosys is “liable to pay IGST under reverse charge mechanism on supplies received from branches located outside India to the tune of ₹32,403.46 crores for the period 2017-18 (July 2017 onwards) to 2021-22.”
What Infosys said on the tax evasion notice?
In a stock exchange filing, Infosys stated that GST is not applicable to DGGI-claimed expenditures. The business claimed to have satisfied all obligations and to be in complete compliance with all applicable federal, state, and local laws.
The Karnataka State GST authorities have sent out a pre-show cause notice for the payment of GST totaling Rs. 32,403 crores for the months of July 2017 through March 2022 in relation to the costs spent by Infosys Limited’s international branch offices. In response to the pre-show cause notice, the Company has replied. The Director General of GST Intelligence sent the company a pre-show cause notice on the same subject after the news pieces were published, and the company is currently responding to it, according to a statement from the company. This year, how has the stock of Infosys performed? Since January of this year, the price of Infosys shares has increased by almost 20%, surpassing the rise of the benchmark NSE Nifty 50 index, which has increased by roughly 15%.
How Infosys performed in Q1 FY25?
Infosys said that its sales increased 3.6% to ₹39,315 crore in Q1 FY25, while its net profit increased 7.1% year over year to ₹6,368 crore. The business increased its forecast for sales growth in the fiscal year 2024–2025 to 3–4%.