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Vodafone Idea gets Rs 638 crore GST penalty order; telco to pursue legal action
Vodafone Idea gets Rs 638 crore GST penalty order; telco to pursue legal action
Vodafone Idea (VIL) has received a penalty order totalling approximately Rs 638 crore from the Office of Additional Commissioner, Central Goods and Service Tax, Ahmedabad, on allegations of short payment of tax and excess availment of input tax credit. The telecom operator disclosed this in a statutory filing on Thursday, stating its disagreement with the order and plans to pursue legal remedies.
This penalty coincides with major government relief regarding VIL's adjusted gross revenue (AGR) dues, potentially altering the company's financial outlook and the competitive environment for telecom providers in India.
According to VIL's BSE filing, the order was issued under Section 74 of the Central Goods and Services Tax Act, 2017, confirming a penalty of Rs 6,37,90,68,254, inclusive of tax demand and interest. VIL emphasised its position, stating, “The maximum financial impact is to the extent of tax demand, interest and penalty levied. The company does not agree with the order and will take appropriate legal action(s) against the same.”
The GST penalty comes as the Union Cabinet approved a relief package for Vodafone Idea. The measures include freezing the company's outstanding AGR dues, a five-year payment moratorium, and a comprehensive reassessment of capped dues. The intention is to protect government interests, support competition, and safeguard Vodafone Ideas 200 million subscribers.
Under the Cabinet decision, Vodafone Idea's AGR dues have been capped at Rs 87,695 crore. The company will not be required to begin payments until fiscal 2031-32, with a final deadline by 2040-41. The government will reassess these dues according to the ‘deduction verification guidelines' of 2020, with a government-appointed committee delivering a binding outcome.
AGR dues refer to payments owed by telecom companies to the government, calculated on adjusted gross revenue, which forms the basis for licence fees and spectrum usage charges. The relief package stipulates that AGR dues for fiscal years 2017-18 and 2018-19, finalised after a 2020 Supreme Court ruling, must be paid over 2025-26 to 2030-31. Sources indicated this amount works out to roughly Rs 120 crore per annum and between Rs 700-800 crore over six years.
Vodafone Idea continues to face severe financial pressure, reporting a loss of Rs 12,132 crore for the first half of the current fiscal and a negative net worth of 82,460 crore as of September 30. The company's total debt reached Rs 2.02 lakh crore at the end of the reported quarter. Despite these challenges, Vodafone Ideas subsidiary VITIL recently completed a Rs 3,300-crore non-convertible debenture issue, with proceeds intended to bolster capital expenditure and support business growth.
Additionally, Vodafone Idea will receive Rs 5,836 crore from Vodafone Group as part of a revised liability settlement agreement. Vodafone Group promoters will release Rs 2,307 crore to Vodafone Idea over the next 12 months, and Rs 328 crore shares held by Vodafone Group in VIL have been earmarked for the Indian operator. Vodafone Idea can instruct the sale of these shares, valued at Rs 3,529 crore at the date of agreement, with proceeds available to the company.
These developments occur amid industry-wide challenges, including persistent losses, market consolidation, and rapid roll-out of next-generation networks by competitors. The government's relief package follows a Supreme Court order permitting reassessment of additional AGR demands up to the 2016-17 fiscal year. Officials reiterated their commitment to “ensuring financial stability and preserving healthy sectoral competition for the benefit of customers.”
Source: Mdn
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