New Delhi, July 18
Telecom operator Vodafone Idea on Saturday mentioned it has paid a further Rs 1,000 crore to the federal government in the direction of the statutory dues, taking its whole cost to an combination Rs 7,854 crore.
The recent cost comes at a time when the Supreme Court is slated to listen to the Adjusted Gross Revenue (AGR) matter on July 20.
The firm had earlier deposited Rs 6,854 crore in three tranches, Vodafone Idea mentioned in a regulatory submitting.
“The company has yesterday (July 17, 2020) paid a further sum of Rs 1,000 crore to the DoT (Department of Telecom) towards the AGR dues. The company had earlier deposited Rs 6,854 crore in 3 tranches,” the submitting mentioned.
With this, the corporate has paid an combination quantity of Rs 7,854 crore in the direction of the AGR dues, it added.
In the final listening to on the AGR matter on June 18, the Supreme Court had mentioned that non-public telecom operators, together with Vodafone Idea and Bharti Airtel, should come out with a “reasonable payment plan”, make some cost to “show their bonafide” and file their books of accounts for the final 10 years.
The statutory dues arose after the Supreme Court, in October final yr, upheld the federal government’s place on together with income from non-core companies in calculating the annual AGR of telecom firms, a share of which is paid as licence and spectrum payment to the exchequer.
Telecom companies need to pay AGR associated dues together with curiosity and penalty—estimated to be round Rs 1.6 lakh crore. The telcos have been eager on an prolonged timeline to pay up their statutory dues, in a staggered method.
Vodafone Idea was going through a whopping Rs 58,000 crore demand in total statutory dues, after the apex court docket final yr ordered the non-telecom revenues to be included in calculating statutory liabilities.
Vodafone Idea had lately reported a staggering Rs 73,878 crore of web loss in fiscal ended March 2020, after it provisioned for Supreme Court mandated statutory dues.
The nation’s third largest telecom operator had then mentioned the legal responsibility has “cast significant doubt on the company’s ability to continue as a going concern”.
The DoT estimates had pegged the corporate’s AGR dues at Rs 58,254 crore for interval as much as FY 2016-17, however the firm put the dues at Rs 46,000 crore “after adjustment of certain computational errors and payments made in the past not considered in the DoT demand”, the corporate had said earlier throughout its fourth quarter outcomes announcement. PTI