Brainbees Solutions Limited, the parent company of FirstCry, successfully completed a four-day GST (Goods and Services Tax) inspection that began on November 6, 2024. The inspection was conducted by the Assistant Commissioner of State Tax, Investigation-C in Mumbai. It focused on discrepancies between the company’s GST returns (GSTR-3B and GSTR-2A) over four financial years: 2018-19, 2019-20, 2020-21, and 2022-23.
Settlement Payment of Rs 1.74 Crore
As part of the inspection findings, Brainbees Solutions made a payment of Rs 1.74 crore to settle the discrepancies. This amount includes both the principal tax and interest payments. The company stated that this payment addressed all the concerns raised by the GST department, including issues related to expenses incurred during the company’s Initial Public Offering (IPO). These expenses were related to issuing new shares, and Brainbees provided explanations to clarify these points during the inspection.
Assurance of Cooperation
Brainbees Solutions assured stakeholders that it fully cooperated with the GST authorities during the inspection process. The company responded to all requests for information and addressed the questions raised by the officials. Despite the financial settlement, the company emphasized that the inspection did not affect its day-to-day operations.
“The inspection did not disrupt our operations, and business is continuing as usual,” Brainbees stated in their official announcement.
About Brainbees Solutions
Brainbees Solutions operates FirstCry, India’s leading children’s goods retailer, offering a wide variety of products for parents and children up to the age of 12. The company operates both online and through physical stores across the country.
With the inspection now complete and the settlement made, Brainbees Solutions looks forward to maintaining its focus on growth and providing high-quality products to families.
