LTIMindtree Limited Receives Demand Order from Joint Commissioner of Central Tax, GST Commissionerate, Bengaluru East, having office at BMTC Bus Stand, Old HAL Airport Road, Dommaluru, Bengaluru 560071
LTIMindtree Limited announced that the Company has received Order u/s 74(1) of CGST Act, 2017/KGST Act, 2017 raising a demand of INR 879 million (Tax of INR 439 million and penalty of INR 440 million) and interest as applicable for period April'18 to Jan'23. Name of the authority: Joint Commissioner of Central Tax, GST Commissionerate, Bengaluru East, having office at BMTC Bus Stand, Old HAL Airport Road, Dommaluru, Bengaluru 560071. Details of the violation: Denial of Zero-Rated Supply thereby leading to recovery of Input Tax Credit refunds granted earlier.
Based on assessment of prevailing law and advice of counsel, the Company expects an ultimate favorable resolution and does not reasonably expect the same to have any material financial impact on the Company. Date of receipt of communication: September 19, 2024.
LTIMindtree Limited is an IT services company specializing in the digital optimization and transformation of businesses and organizations. The company offers solutions in the fields of cybersecurity, task automation, data management, digital infrastructures, cloud platforms, Internet of Things, artificial intelligence, etc. Net sales break down by sector of activity as follows:
- banks, financial services and insurance (36.9%);
- technology, media and entertainment (24.3%);
- industry, mining and energy (16.9%);
- retail, transport and hospitality (15.4%);
- health, life sciences and utilities (6.5%).
At the end of March 2023, LTIMindtree Limited has more than 700 customers worldwide.
Net sales are distributed geographically as follows: America (72.2%), Europe (15%) and other (12.8%).
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LTIMindtree Limited Receives Demand Order from Joint Commissioner of Central Tax, GST Commissionerate, Bengaluru East, having office at BMTC Bus Stand, Old HAL Airport Road, Dommaluru, Bengaluru 560071
