Credit rating agency Crisil Ltd has been penalised nearly ₹8 crore in connection with a Goods and Services Tax (GST) assessment related to export of services for the 2020–21 financial year.
The assessment order issued by the State Tax Officer of the Mandaveli Assessment Circle in South Chennai has levied a penalty of ₹7,94,81,488 under Section 74 of the Central Goods and Services Tax (CGST) Act, 2017. Crisil on July 27 disclosed to the bourses that it received the order.
In a regulatory filing, the company confirmed the development, stating it had received the order from the authorities. The penalty pertains specifically to GST obligations on services classified as exports during FY20-21.
Despite the financial nature of the order, Crisil has clarified that it does not anticipate any material impact on its operations, financial performance, or business continuity. The company has not indicated whether or not it plans to contest the order through legal channels.
Section 74 of the CGST Act typically applies to cases involving alleged tax evasion or misclassification, and allows for penalties following adjudication. Export of services under Indian GST law is generally treated as zero-rated, subject to certain compliance conditions.
Meanwhile, on July 26, India’s insurance regulator imposed a penalty of ₹3.39 crore on Star Health and Allied Insurance for multiple breaches of its Information & Cyber Security Guidelines, 2023. The Insurance Regulatory and Development Authority of India (IRDAI) issued a warning to the company, according to its order.
Star Health operates through 913 offices, over 14,000 network hospitals, more than 7,75,000 licensed agents, and employs about 17,000 people. In fiscal 2024-25, the insurer reported gross written premium of ₹17,553 crore and a net worth of ₹8,668 crore.
