Infosys gets pre-show cause GST notice of Rs 32,403 Cr
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Infosys receives pre-show cause GST notice of Rs 32,403 Cr
Infosys has received a pre-show cause notice for payment of GST of Rs 32,403 crore from the Karnataka State GST authorities for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of the company.
In a notice to the stock exchanges, Infosys said it has responded to the pre-show cause notice. The company has also received a pre-show cause notice from the Director General of GST Intelligence on the same matter and the company is in the process of responding to the same.
According to Infosys, it believes that as per regulations, GST is not applicable to these expenses. Additionally, as per a recent circular issued by the Central Board of Indirect Taxes and Customs on the recommendations of the GST Council, services provided by overseas branches to Indian entities are not subject to GST. Infosys put forth the point that GST payments are eligible for credit or refund against the export of IT services.
Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter, the company said.
Data breach cost touches new high in India: IBM report
The average cost of a data breach in India reached an all-time high of Rs 19.5 crore in 2024, according to the Cost of a Data Breach Report by IBM. Breach costs jumped 39% since 2020 and 9% from the prior year, as breaches grow more disruptive and further expand demands on cyber teams. Globally, 70% of breached organisations reported that the breach caused significant or very significant disruption.
Lost business and notification costs drove the year-over-year cost spike in India, as the collateral damage from data breaches has only intensified. The cost of lost business—operational downtime, lost customers, and reputation damage, among others—escalated nearly 45%, and notification costs jumped 19% from the previous year.
The slight rise in detection and escalation costs (almost 7% over the same time frame), reflects the complexity of breach investigations, and once again represents the highest portion of breach costs in India.
The most common initial attack types in India were phishing and stolen or compromised credentials, accounting for 18% of incidents each. Followed by cloud misconfiguration (12%). Business email compromise was the costliest root cause at an average total cost of Rs 21.5 crore per breach, followed by social engineering (Rs 21.3 crore) and phishing (Rs 20.9 crore) as the next highest costs.
Higher AI deployment to reduce complaints of customer service, study
Indians spent more than 15 billion hours on hold to customer service, according to new research from ServiceNow. The ‘Customer Experience Intelligence Report 2024’ revealed that the average person spent more than one day each year on hold to address an issue or complaint (30.7 hours), equivalent to an economic loss of $55 billion.
The report which surveyed more than 4,500 Indians showed that 50% of respondents believe that their time waiting on hold has increased from the past year. Slow service solutions mean the average employee is spending 3.9 days to resolve each customer issue and 66% of respondents said they would consider switching to another company if their issue is not resolved within three working days.
Nearly two-thirds (62%) of respondents have resolved more issues through self-service options in 2023, compared to the previous year. Over half of Indians say that their trust in chatbots (55%) and self-help guides (56%) has also increased.
The study shows a notable surge in trust towards AI among Indians, with a remarkable two-thirds (66%), expressing confidence in GenAI to deliver good customer service, nearly 10% higher than trust in traditional in-person customer support, signalling an emerging shift in preferences, particularly among the younger population.
Kore.ai introduces new platform targeted at small businesses
Kore.ai, a customer experience technology company, has launched Express for its XO (Experience Optimisation) platform. According to the company, the New XO Express approach provides a simplified and approachable way for non-technical users in smaller businesses to leverage the full power of XO Automation for creating AI chatbots and deploying a highly affordable contact centre through XO Contact Center AI.
According to Kore.ai, XO Express approach brings advanced conversational capabilities within the reach of smaller businesses. It helps them drive better digital experiences, cost efficiency, and accelerated growth without the need for conversational or generative AI expertise.
Qlik unveils new self-service AI solution
Qlik, a data integration, analytics, and artificial intelligence (AI) company, has announced the availability of Qlik Answers, its newest self-service AI solution. According to the company, Qlik Answers transforms unstructured data into actionable results through generative AI.
The company claimed that Qlik Answers key benefits include: AI-powered relevant responses, rapid deployment, transparency, broad connectivity, and enhanced efficiency. Qlik Answers is also self-service oriented, allowing business users to deploy and manage AI-driven knowledge assistants without needing extensive technical expertise or custom development.
Qlik Answers is designed with full explainability and transparency in mind. All AI-generated answers are traceable back to their original sources, enabling users to verify and trust the information presented.
Aurionpro Solutions bags order from a Malaysian bank
Aurionpro Solutions has bagged a deal from a leading bank in Malaysia to modernise its corporate processes. The deal is valued at close to $3 million and is expected to be implemented over a 15-month period.
The bank has chosen Integro Technologies, a subsidiary of Aurionpro, to transform its loan origination system with SmartLender, a commercial loan origination solution.
With the implementation of SmartLender solution, the bank aims to automate all facets of corporate loan origination, streamline processes, and expedite processing times. SmartLender Financial Analysis module will equip the bank with comprehensive financial insights, empowering them to make informed lending decisions and mitigate risk.
Quest Global appoints chief leadership officer
Quest Global, an engineering services firm, has appointed Peter Koo as Chief Leadership Officer. Peter Koo will oversee the leadership development system aimed at succession planning and people development.
Peter Koo was previously with Egon Zehnder, a global leadership advisory firm where he provided strategic solutions in board consulting, succession planning, and senior leadership development.
Edited by Kanishk Singh
