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Shriram Finance Limited ( (IN:SHRIRAMFIN) ) has shared an update.
Shriram Finance Limited has disclosed that the Commercial Tax Officer, Chennai South, has levied a tax demand and corresponding penalty totaling Rs 93.82 lakh for FY 2022-23, arising from disallowance of input tax credit on reverse charge mechanism payments and issues related to credit notes pertaining to the erstwhile Shriram City Union Finance, now merged into the company. The company stated that the order, passed under provisions of the Central, Tamil Nadu, and Integrated GST Acts, is not expected to have any material impact on its financials or operations, and it is in the process of obtaining a tax consultant’s opinion before deciding its next course of action, signaling a limited immediate risk for stakeholders but highlighting ongoing scrutiny of GST compliance in the financial services sector.
More about Shriram Finance Limited
Shriram Finance Limited is a diversified non-banking financial company (NBFC) in India, providing a range of lending and financing services, including retail and small-business credit. The company has a strong presence in commercial and consumer finance, with operations and customers spread across multiple states, and has expanded through amalgamations such as the merger of Shriram City Union Finance Limited effective April 1, 2022.
Average Trading Volume: 494,733
Technical Sentiment Signal: Buy
Current Market Cap: 1917.8B INR
For an in-depth examination of SHRIRAMFIN stock, go to TipRanks’ Overview page.