Infosys has received a penalty order from the Joint Commissioner of CGST. The total penalty amounts to INR 8,27,50,000. The order relates to alleged disallowance of Blocked ITC, Excess ITC, Wrong head, and invoices not in 2A for FY 2018-19 to FY 2022-23. The company stated that this has no material impact on its financials or operations.
Details of Penalty Order
Infosys has received communication regarding a penalty for collection. The details pertain to an order from the Joint Commissioner of CGST, concerning actions taken related to ITC.
Financial Impact
The total penalty levied amounts to INR 8,27,50,000. The penalty is tied to issues around disallowed ITC, excess ITC claims, and incorrect invoice classifications across financial years 2018-19 to 2022-23.
Company Statement
Infosys has assessed the situation and declared that the penalty order does not have a material impact on the company’s financial standing or operational activities.
Source: BSE