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Infosys May Get Full Relief on Reverse-Charge GST as CBIC Considers Key Modifications
Update / Judgement Date
26 Sept 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
Corporate ComplianceFinancial ManagementGST
The Central Board of Indirect Taxes and Customs (CBIC) is considering amending its June 2024 circular to quash GST liabilities for Infosys and similar companies facing tax demands on fund transfers to their overseas branches. This modification could relieve Infosys of tax notices exceeding Rs 30,000 crore for transactions made between 2017-18 and 2021-22 under the reverse charge mechanism. The changes would allow full ITC credit on transactions, even if inputs are used for zero-rated or exempt supplies.
