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Shriram Finance Limited ( (IN:SHRIRAMFIN) ) has provided an announcement.
Shriram Finance Limited has disclosed that the Office of the Commercial Tax Officer, Chennai South, has issued orders levying tax and equal penalty demands totaling Rs 1.05 crore for FY 2020-21 and Rs 50.35 lakh for FY 2021-22, arising from alleged wrongful input tax credit on reverse charge mechanism payments and issues related to credit notes pertaining to the erstwhile Shriram City Union Finance Limited. The company has stated that these GST-related demands and penalties, issued under the Central, Tamil Nadu and Integrated Goods and Services Tax Acts, are not expected to have a material impact on its financial or operational performance, and it is seeking expert tax advice on the Tamil Nadu state demand orders as a matter of commercial prudence, a step closely watched by investors for any potential contingent liability implications.
More about Shriram Finance Limited
Shriram Finance Limited is a diversified non-banking financial company (NBFC) headquartered in India, offering a wide range of retail and commercial lending products, including vehicle finance, small business loans and other credit solutions. The company operates across multiple regions in India with a focus on serving retail and small enterprise customers, and has expanded through amalgamations such as the merger with erstwhile Shriram City Union Finance Limited, effective April 1, 2022.
Average Trading Volume: 509,352
Technical Sentiment Signal: Buy
Current Market Cap: 1888B INR
Learn more about SHRIRAMFIN stock on TipRanks’ Stock Analysis page.