Vodafone Idea pays another Rs 1,000 crore to government towards AGR dues – Times of India: NEW DELHI: Telecom operator Vodafone Concept on Saturday stated 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.
Vodafone Idea pays another Rs 1,000 crore to government towards AGR dues – Times of India
The recent cost comes at a time when the Supreme Court docket is slated to listen to the adjusted gross income (AGR) matter on July 20.
The corporate had earlier deposited Rs 6,854 crore in three tranches, Vodafone Concept stated in a regulatory submitting.
“…the corporate has yesterday (July 17, 2020) paid an additional sum of Rs 1,000 crore to the DoT (division of telecom) in the direction of the AGR dues. The corporate had earlier deposited Rs 6,854 crore in three tranches,” the submitting stated.
With this, the corporate has paid an combination quantity of Rs 7,854 crore in the direction of the AGR dues, it added.
Within the final listening to on the AGR matter on June 18, the Supreme Court docket had stated that non-public telecom operators, together with Vodafone Concept and Bharti Airtel, should come out with a “affordable cost plan”, make some cost to “present their bonafide” and file their books of accounts for the final 10 years.
The statutory dues arose after the Supreme Court docket, in October final 12 months, 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 charge to the exchequer.
Telecom companies should 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 Concept was going through a whopping Rs 58,000 crore demand in total statutory dues, after the apex court docket final 12 months ordered the non-telecom revenues to be included in calculating statutory liabilities.
Vodafone Concept had lately reported a staggering Rs 73,878 crore of internet loss in fiscal ended March 2020, after it provisioned for Supreme Court docket mandated statutory dues.
The nation’s third largest telecom operator had then stated the legal responsibility has “forged vital doubt on the corporate’s potential to proceed 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 sure computational errors and funds made prior to now not thought-about within the DoT demand”, the corporate had acknowledged earlier throughout its fourth quarter outcomes announcement.