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Mphasis Limited ( (IN:MPHASIS) ) has provided an update.
Mphasis Limited has disclosed that it received an order from the Office of the Deputy Commissioner of Commercial Taxes, Large Taxpayer Unit-1, Bangalore, imposing a penalty of ₹3,290,801 under Section 73(9) of the Karnataka Goods and Services Tax Act, 2017. The penalty relates to alleged non-remittance of GST on sales marketing and support services, non-realisation of foreign remittances against exports, incorrect availing of ineligible input tax credit, and related interest. The company has stated it does not accept the order and will contest it through legal channels, asserting it has reasonable grounds to succeed on appeal and that the tax demand, including interest and penalties, is not expected to have any material financial or operational adverse impact on its business.
More about Mphasis Limited
Mphasis Limited is an Indian IT services and solutions provider, offering application development, business process outsourcing, and digital transformation services to global clients, with a strong focus on large enterprise and multinational customers.
Average Trading Volume: 331,488
Technical Sentiment Signal: Strong Buy
Current Market Cap: 559.9B INR
For a thorough assessment of MPHASIS stock, go to TipRanks’ Stock Analysis page.