Brainbees Solutions gets GST Demand Notice for excess ITC claim and shortfall of GST Payment:

Brainbees Solutions gets GST Demand Notice for excess ITC claim and shortfall of GST Payment The FirstCry's Parent Company, Brainbees Solutions Limited was given a GST Demand Notice [Form GST DRC 01 (Part A)] from the Assistant Commissioner of Commercial Taxes, Local GST Office-038, Bangalore, Department of Commercial Taxes of Karnataka for intimation of liability under section 73(5) of the CGST/SGST Act 2017 for the return period 2020-21. According to an exchange filing, this demand notice is mainly related to differences between the Input Tax Credit (ITC) availed as per GSTR-3B and the ITC shown in GSTR-2A. The Department of Commercial Taxes in Karnataka has issued a notice in response to claims of excess ITC claimed (3B versus 2A) - Rs.95,31,606; allegations of short payment of GST taxes as per Form 09 - Rs.3,74,704; and interest liability of Rs. 81,22,006. The baby and products for kids brand is likely to challenge the demand notice and anticipate a resolution in due course. "The Company responded to the notice with a detailed reconciliation and expects to resolve the matter amicably in due course, "Brainbees Solutions Limited stated in an exchange filing.