Goblin India reviewer cannot verify GST and tax balances

Goblin India Limited (Goblin India) reported that its reviewer could not verify GST-related balances for the half year ended 30 September 2026 and identified a Rs 42.63 lakh net income-tax liability subject to reconciliation. The reviewer also cited overdue tax filings, unpaid tax deducted at source, or TDS, and no provision or contingent-liability disclosure for possible related charges.

What did Goblin India’s reviewer flag in its tax records?

Goblin India’s reviewer identified three tax-compliance and verification matters in the limited-review report dated 14 November 2026. The report cited income-tax liabilities for Assessment Year, or AY, 2020-21, of Rs 88 lakh plus applicable interest and a further Rs 27 lakh plus applicable interest. It said no payment had been made towards these liabilities by Goblin India.

The filing says those AY 2020-21 liabilities were adjusted against income-tax refunds from AY 2021-22 onwards. Goblin India’s books record a net outstanding income-tax liability of Rs 42.63 lakh, which the reviewer said remains subject to reconciliation. The filing does not specify the applicable interest amount, the reconciliation status, or a completion date.

The reviewer also said Goblin India had outstanding statutory liabilities under the Income Tax Act, 1961. Goblin India had not filed its income-tax return for AY 2025-26 and applicable TDS returns for financial year 2025-26 within prescribed timelines. Certain TDS liabilities remained unpaid at 30 September 2026, although the filing does not give their amount.

Why could the reviewer not verify Goblin India’s GST balances?

The reviewer could not verify Goblin India’s GST balances because the company had not provided the GST electronic credit ledger, GST reconciliations, or detailed GST-payable workings. It therefore said it was unable to verify the related balances appearing in the books of account at 30 September 2026.

The filing does not quantify the GST balances that could not be verified or identify a particular balance-sheet line affected by the missing documents. At 30 September 2026, Goblin India reported other current liabilities of Rs 5.17 crore, compared with Rs 4.84 crore at 31 March 2026, but it does not state how much of either figure relates to GST.

The reviewer said Goblin India had not made provision for interest, penalty, or other liabilities that may crystallise from the cited non-compliances. It also said Goblin India had not disclosed related contingent liabilities. The report consequently said it could not comment on the consequential impact, if any, on the accompanying financial results.

Did the limited review find a material misstatement?

No, the limited-review report said nothing else had come to the reviewer’s attention to indicate that Goblin India’s standalone results were not prepared under applicable standards or contained a material misstatement. The report separately presented the GST, income-tax and TDS matters in an Emphasis of Matter paragraph dated 14 November 2026.

The reviewer stated that its work was a review rather than an audit and that it did not express an audit opinion. It also stated that it had not reviewed the standalone results and other financial information for the half year ended 30 September 2025, which were presented based solely on information compiled by management and approved by the board.

That distinction affects the comparison of the two half-year periods. The latest results were reviewed for the half year ended 30 September 2026, while the prior-year comparative information was not reviewed by the reporting reviewer. The filing does not revise or restate the 30 September 2025 figures.

How did Goblin India’s half-year results change?

Goblin India’s revenue from operations rose to Rs 16.72 crore for the half year ended 30 September 2026 from Rs 16.61 crore in the half year ended 30 September 2025. Total revenue increased to Rs 18.29 crore from Rs 17.39 crore, including other income of Rs 1.57 crore compared with Rs 77.85 lakh a year earlier.

Profit before tax declined to Rs 61.48 lakh from Rs 1.38 crore in the corresponding half year. Total expenses were Rs 17.68 crore in the latest half year. The reviewer did not quantify any potential interest, penalties, or other charges arising from the GST, return-filing, and unpaid-TDS observations.

Goblin India reported net profit of Rs 45.84 lakh for the half year ended 30 September 2026, while the filing shows Rs 1.03 crore for the half year ended 30 September 2025. The company’s standalone results state that it has no more than one reportable segment under Accounting Standard 17, so segment-wise reporting was not applicable.

What do Goblin India’s balance-sheet and cash figures show?

Goblin India reported total standalone assets and liabilities of Rs 76.51 crore at 30 September 2026, down from Rs 81.66 crore at 31 March 2026. Trade receivables declined to Rs 19.45 crore from Rs 23.11 crore and inventories fell to Rs 21.22 crore from Rs 22.71 crore.

Long-term borrowings decreased to Rs 7.18 crore from Rs 8.34 crore, while short-term borrowings increased to Rs 6.30 crore from Rs 5.61 crore. Trade payables to creditors other than micro and small enterprises declined to Rs 13.66 crore from Rs 18.83 crore. The filing does not connect these movements to the reviewer’s GST or TDS observations.

Cash and cash equivalents were Rs 45.65 lakh at 30 September 2026, compared with Rs 52.58 lakh at 31 March 2026. Goblin India reported net cash from operating activities of Rs 1.27 crore, net cash from investing activities of Rs 39.94 lakh, and net cash used in financing activities of Rs 1.74 crore for the half year.

What has Goblin India said about resolving these matters?

Goblin India’s announcement dated 14 November 2026 said its board approved and took on record unaudited standalone and consolidated results for the half year ended 30 September 2026. The supplied filing does not disclose a remediation plan, a payment schedule for unpaid TDS, or a date for submitting GST records to the reviewer.

The filing also gives no date for filing the AY 2025-26 income-tax return or the applicable financial year 2025-26 TDS returns. It does not state whether the Rs 42.63 lakh balance will be reconciled in a specified reporting period or whether interest and penalties will be provided for or disclosed as contingent liabilities.

Conclusion

Goblin India’s limited-review report combines a tax-reconciliation issue of Rs 42.63 lakh with unverifiable GST balances, late income-tax and TDS filings, and unpaid TDS at 30 September 2026. Revenue from operations rose by Rs 10.20 lakh year on year, but profit before tax fell by Rs 76.23 lakh, while the reviewer could not assess any consequential effect from the compliance matters.

What to watch next is Goblin India’s disclosure of the AY 2025-26 income-tax and financial year 2025-26 TDS filings, payment of unpaid TDS, reconciliation of the Rs 42.63 lakh balance, and provision or disclosure of any related interest or penalties. The 14 November 2026 filing sets out no remediation deadline, leaving subsequent statutory and financial disclosures as the identified updates.