FirstCry parent Brainbees Solutions completes GST inspection
The company said it paid Rs 1.74 crore including interest due to discrepancies in GST returns, in the previous financial years.
Brainbees Solutions, the parent company of , has completed its four-day GST inspection that was initiated on November 6.
The company made a payment of Rs 1.74 crore, including interest due to discrepancies in GST returns—GSTR-3B and GSTR-2A—during the financial years 2018-19, 2019-20, 2020-21 and 2022-23, as highlighted by the GST officials, it said in a stock exchange filing.
The inspection was led by the assistant commissioner of State Tax, Investigation-C, Mumbai.
Brainbees Solutions said that the company provided suitable explanations regarding queries raised by the officials pertaining to the GST implications on the amount paid towards IPO expenses (expenses incurred towards fresh issuance of shares during the IPO).
Brainbees Solutions said it has fully cooperated with the officials and responded to all the clarifications and details sought by them. Except to the extent of the financial impact, the inspection has not impacted the operations of the company and are continuing as usual, the company said.
It added that it would provide material updates, if any, on this matter to the stock exchanges, as applicable.
The company narrowed its losses by 31.4% year-on-year to Rs 75.6 crore in the first quarter of FY25 and clocked a 17% rise in operating revenue at Rs 1,652 crore.
The company’s shares were down 5.57% and stood at 533.45 in early afternoon trade on Monday on the Bombay Stock Exchange.
Edited by Swetha Kannan