Written by Crisil Limited has been served with a Goods and Services Tax (GST) demand notice amounting to ₹8 crore for the financial year 2020–21, pertaining to export services. The order was issued by the tax authorities citing alleged non-compliance in classification and tax treatment of services rendered overseas.
In an official statement, the company confirmed its intent to challenge the order through the appropriate appellate forums, maintaining that it has a strong case. Crisil emphasized that the matter is not expected to have any material impact on its financials or ongoing operations.
This development comes amid increased scrutiny by tax authorities on export-related transactions under GST law. Crisil, a leading ratings and analytics firm, reiterated its commitment to full compliance with all regulatory requirements.
Crisil Sees Heavy Selling Pressure on Friday, Drops Over 5% Intraday
Crisil witnessed significant selling pressure on Friday, with the stock declining over 5% intraday. In the last trading session, the stock opened at ₹5,811, touched an intraday low of ₹5,500, and hit a high of ₹5,820. It finally closed weak at ₹5,520, marking a 5% decline for the day.
According to brokerage reports, the stock may continue to face persistent selling pressure in the coming sessions, indicating potential weakness in the near term.