“High Court has stayed the proceedings pursuant to above Show Cause Notice till the next date of hearing, which is yet to be notified,” the Mumbai-based IT major said in a regulatory filing.
In April, a show cause notice was filed by the Department of Revenue, Ministry of Finance, against LTIMindtree, country’s sixth largest IT major, for alleged non-payment of Integrated Goods and Services Tax on export turnover towards service provided to clients abroad.
The notice was issued by the Department of Goods and Service Tax, Office of The Principal Commissioner of Central Tax, The Joint Commissioner of Central Tax, Bengaluru.
The company received a similar notice for another GST registration from the same authority, it added.
In response, data-ga-onclick=”Inarticle articleshow link click#Tech#href” target=”_blank” href=”https://economictimes.indiatimes.com/ltimindtree-ltd/stocks/companyid-3318.cms” rel=”noopener”>LTIMIndtree had filed a writ petition on August 20 with the High Court of Karnataka to challenge the legality and validity of the show cause notice. The writ petition came up for hearing on August 27.
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“Based on preliminary assessment, 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,” data-ga-onclick=”Inarticle articleshow link click#Tech#href” target=”_blank” href=”https://economictimes.indiatimes.com/ltimindtree-ltd/stocks/companyid-3318.cms” rel=”noopener”>LTIMindtree further said.
