Crisil Ltd (S&P Global Subsidiary) Receives ₹7.95 Crore GST Penalty Over Export Services
Crisil Ltd, a subsidiary of S&P Global, has received a Rs. 7.95 crore GST penalty related to export of services for FY 2020-21 and plans to appeal the order.
Crisil Limited, a leading credit rating and analytics firm, has received a goods and services tax penalty notice amounting to Rs. 7.95 crore. The penalty was issued by the Office of the State Tax Officer, Mandaveli Assessment Circle in South Chennai, Tamil Nadu. The notice relates to the financial year 2020 to 2021 and concerns GST on export of services. According to a disclosure...
Crisil Limited, a leading credit rating and analytics firm, has received a goods and services tax penalty notice amounting to Rs. 7.95 crore. The penalty was issued by the Office of the State Tax Officer, Mandaveli Assessment Circle in South Chennai, Tamil Nadu. The notice relates to the financial year 2020 to 2021 and concerns GST on export of services.
According to a disclosure made by Crisil to the Bombay Stock Exchange and the National Stock Exchange, the penalty was imposed under Section 74 of the Central Goods and Services Tax Act of 2017. This section deals with tax demands involving allegations of fraud or misstatement. The company received the order on July 26, 2025.
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Crisil has stated that this development does not have any material impact on its financials or day to day operations. The company has further clarified that it will be filing an appeal against the penalty. It did not provide additional details on the nature of the dispute or the services in question.
Export of services under GST is gnerally considered zero-rated, meaning that no tax is payable and companies can claim input tax credit but disputes can arise when authorities question the classification of such services or the place of supply.
About Crisil Limited
Crisil Limited is a globally respected Indian company that provides ratings, research, and risk and policy advisory services. It is majority-owned by S and P Global, a United States based financial information and analytics firm. Crisil serves clients in India and across more than 100 countries.
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Recently, Crisil reported strong financial results for the first quarter of 2025. The company posted a 12 percent increase in consolidated net profit year on year, driven by growth in its research and ratings businesses. Revenue rose by 14 percent compared to the same quarter last year. The company attributed its performance to higher demand for risk assessment and credit evaluation services amid ongoing economic uncertainty.
Despite the recent GST notice, Crisil remains confident in its position and continues to focus on delivering value to its clients and stakeholders.
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