Credit rating agency services are taxable when provided for credit ratings of financial obligations and attract service tax liability. Services provided by a credit rating agency in relation to credit ratings of financial obligations, instruments or securities are taxable and attract service tax when rendered to any person; the provider is the credit rating agency and the recipient scope extends beyond clients. A departmental circular consolidates and withdraws earlier technical clarifications on scope, classification, valuation, export treatment, receipt of services from outside India and exemptions regarding levy of service tax for such services.