26.5 lac IGST Demand notice on Infosys

In a recent regulatory disclosure, Infosys announced the receipt of a GST demand order, accompanied by interest and penalties. The cumulative demand, inclusive of penalties, stands at INR 37.75 lakh. Within this amount, the demand order specifies an IGST component of INR 26.5 lakh, alongside a penalty of INR 2.65 lakh and an interest sum of INR 8.6 lakh.

According to the company’s submission on the Bombay Stock Exchanges, the tax authorities have issued the demand due to the company’s failure to receive foreign inward remittances related to export proceeds within the prescribed timelines for the period spanning October 2021 to November 2021.

On Thursday, international Holding Company PJSC (IHC), headquartered in Abu Dhabi, disclosed to stock exchanges that it has divested its holdings in Adani Green Energy and Adani Transmission. The buyer’s identity remains undisclosed. As of September 28, IHC Capital Holding LLC possessed shares valued at approximately Rs 3,326 crore (based on current market rates) in Adani Green Energy and Adani Energy Solutions (formerly Adani Transmission).

Last year in May, IHC injected a total of Rs 15,400 crore into three Adani companies—Adani Green Energy, Adani Transmission, and the flagship entity Adani Enterprises (AEL) via the preferential allotment route. Meanwhile, in accordance with BSE filings, Adani Power’s promoter group entities, Fortitude Trade and Investment, and Emerging Market Investment DMCC have increased their stake in the power generation firm by 2.21 percent.