Narayana Murthy’s Infosys faces massive penalty, asked to pay over Rs 100000 for…

Narayana Murthy’s Infosys is one of the most valuable IT companies in India. With a massive market cap of Rs 595000 crore, Infosys has clients all over the globe.Narayana Murthy’s Infosys is often in the news for its business deals, partnerships and work ethics, however the company has now made it to the headlines for a different reason. Infosys has been asked to pay a penalty of Rs 1.46 lakh for availing ineligible input tax credit

The penalty of Infosys has been imposed by Odisha GST authority. Infosys in an exchange filing said it received the order on April 22, 2024, passed by the Assistant Commissioner of State, Odisha (GST) for the collection of a penalty of Rs 1,46,873.

The penalty has been imposed on credit availed on ineligible Input Tax Credit for 2018-19, the filing said. Infosys clarified that there was no material impact on financials, operations or other activities of the company. Over the delay in filing, the company said it was in the process of determining further steps post checking the veracity. (with inputs from PTI)