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 for wrong ITC Claim and short payment of taxes.

GST Demand Notice for excess ITC claim and shortfall of GST Payment

Reetu | Oct 22, 2024 |

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.

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