Infosys Share: IT company gets big relief on GST notice of ₹ 32403 crore

News Topical, Digital Desk : IT services company Infosys Limited on Friday (June 6) said that the company has received closure on pre-show cause notices of Rs 32,403 crore from GST Intelligence. The company said that the Directorate General of GST Intelligence (DGGI) has closed the show cause notice proceedings related to the pre-investigation of non-payment of Integrated GST (IGST) under the reverse charge mechanism. This closure is for the financial year 2018-19 to 2021-22. This development has come after several communications including pre-show cause notices issued by DGGI covering the period from July 2017 to March 2022.

The total GST amount mentioned in the notice was Rs 32,403 crore. Infosys had earlier confirmed on August 3, 2024 that DGGI has closed the pre-show cause notice for the financial year 2017-18. Infosys said in a regulatory filing, "The company received a communication from DGGI on August 3, 2024 to close the show cause notice proceedings for the financial year 2017-2018. With the receipt of today's communication from DGGI, the matter is closed. 

Stock performance On Friday, the company's stock closed at Rs 1,568.00 with a gain of 0.88 per cent. In the last one year, the company's stock has seen a gain of 2.24 per cent. The 52-week high of the stock is Rs 2,006.45. 

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