FirstCry parent Brainbees Solutions completes GST inspection; pays ₹1.74 crore in tax review settlement
The GST inspection focused on reported mismatches between GST return filings in forms GSTR-3B and GSTR-2A across the financial years 2018-19, 2019-20, 2020-21, and 2022-23.
On November 10, 2024, Brainbees Solutions Limited, the parent company of the popular e-commerce platform FirstCry, confirmed the conclusion of a GST department inspection that began on November 6.
In a disclosure to the stock exchanges, the company stated that it fully cooperated with officials and addressed all queries raised. Brainbees reported that it paid ₹1.74 crore, including interest, due to discrepancies in GST returns from past financial years.
Brainbees Solutions share price was trading in red, down 0.97 per cent, at ₹559, on November 11, 2024, on NSE, at 9:40 am. The company enjoys a market capitalisation of ₹29,022.40 crore, as per NSE.
Brainbees Solutions Limited is listed on the National Stock Exchange and BSE as FirstCry.
Inspection targets expenses associated with FirstCry’s IPO
The four-day GST inspection, which began on November 6 and concluded on November 10, 2024, was led by the Assistant Commissioner of State Tax, Mumbai, Investigation-C. It focused on reported mismatches between GST return filings in forms GSTR-3B and GSTR-2A across the financial years 2018-19, 2019-20, 2020-21, and 2022-23.
The inspection also scrutinised GST implications related to expenses associated with FirstCry’s IPO, specifically questioning the treatment of costs incurred during the issuance of new shares. The company stated that it provided adequate explanations to address these concerns and maintained that all issues were resolved satisfactorily.
The Pune-based company assured stakeholders that the inspection had no adverse impact on its business operations.
“The Company has fully cooperated with the officials and has responded to all the clarifications and details sought by them,” said Brainbees in its filing. “This has not impacted the operations of the Company, which are continuing as usual,” it added.
In accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company’s official filing included all details under Regulation 30, as per SEBI’s mandate. The compliance statement indicated that should any further material updates emerge regarding the GST inquiry, Brainbees would inform the exchanges promptly.
Brainbees Solutions Limited operates out of its registered office in Pune and manages FirstCry, India’s leading children’s goods retailer, which continues to expand its market presence both online and in physical stores.
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Business NewsCompaniesNewsFirstCry parent Brainbees Solutions completes GST inspection; pays ₹1.74 crore in tax review settlement
First Published:11 Nov 2024, 10:10 AM IST
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