Vodafone Idea pays another Rs 1,000 crore to government for AGR dues

Vodafone Idea pays another Rs 1,000 crore to government for AGR dues

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NEW DELHI: Telecom Operator Vodafone idea On Saturday, it said that it has paid an additional Rs 1,000 crore for the statutory dues to the government, with a total payment of Rs 7,854 crore.
The fresh payment comes at a time when the Supreme Court is approached on July 20 to hear the Adjusted Gross Revenue (AGR) case.
Vodafone Idea said in a regulatory filing that the company had deposited Rs 6,854 crore in the first three installments.
“, The company paid another Rs 1,000 crore to DoT (Department of Telecommunications) for AGR dues yesterday (July 17, 2020). The company already deposited Rs 6,854 crore in 3 phases,” the filing. said.
With this, the company has paid a total of Rs 7,854 crore for AGR dues.
At the final hearing on the AGR case on 18 June, the Supreme Court had said that private telecom operators including Vodafone Idea and Bharti Airtel would have to come up with a “reasonable payment plan”, make some payments “to show their boned” and the last 10 Enter their books of accounts for years.
The statutory dues after the Supreme Court upheld the government’s position, including revenue from non-core businesses, in calculating the annual AGR of telecom companies in October last year, a portion of which paid to the treasury in the form of licenses and spectrum charges goes.
Telecom firms have to pay AGR-related dues with interest and penalties – estimated to be around Rs 1.6 lakh crore. Telcos was keen on an extended time to pay his statutory dues.
Vodafone Idea was facing a demand of Rs 58,000 crore in the overall statutory dues, as the apex court last year ordered non-telecom revenue to be included in the calculation of statutory liabilities.
Vodafone Idea had recently reported a net loss of Rs 73,878 crore in the financial year ended in March 2020.
The nation’s third-largest telecom operator then stated that the liability had “cast significant doubt on the company’s capability which is a concern.”
DoT estimates had pegged the company’s AGR outstanding at Rs 58,254 crore for the fiscal 2016-17 period, but the company put a backlog of Rs 46,000 crore after adjusting for some computational errors and payments made in the past. Demand “, the company said earlier during its fourth quarter results announcement.


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