32,000 crore Infosys tax controversy may not drag on for too long

Quick Summary:

While Infosys will respond to the pre-show cause notice from Directorate General of GST Intelligence (DGGI), it is unlikely to rush to court until fresh action is initiated by the agency, sources familiar with the plan told TOI.

The law and circular, experts and officials said, provided that entities were entitled to full input tax credit (ITC) and the valuation given by them, including nil valuation, had to be accepted by the tax department.

Industry lobby group Nasscom had cited the circular on Thursday, while taking up cudgels on behalf of Infosys.

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Article Details

Author / Journalist: Shilpa Phadnis and Sidhartha

Category: EconomyBusiness

Markets: IndiaIndonesiaIsrael

Topics: DGGI Finance ministry Infosys tax controversy Tech major Business news Karnataka GST authorities

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-03 @ 08:55:29 (11 hours ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 685 words

Reading Time: 4 minutes read

Sentences: 22 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 21903555

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