– Nasscom has defended Infosys in response to a ₹32,000-crore GST notice, citing a lack of understanding of the industry’s operating model
– The issue involves the applicability of GST through the reverse charge mechanism (RCM)
– Nasscom has requested the Ministry of Finance to issue a circular clarifying the position to avoid litigation
– A circular issued in June 2024 states that the deemed open market value for the import of services will be nil if full input tax credit is available.