Debt-ridden telecom Vodafone Concept was slapped with Items and Providers Tax (GST) demand notices from varied tax workplaces to the tune of Rs 73 crore. In line with a regulatory submitting, the demand consists of penalty and curiosity, issued by 9 GST workplaces.
Vodafone Concept stated that it doesn’t agree with the tax calls for and would take additional actions to rectify or reverse the orders.
Of the Rs 73 crore tax calls for, the very best penalty got here from the GST workplace in Kolkata that slapped a requirement of Rs 33.44 crore for “alleged tax quick paid on outward provide, extra ITC availed”.
The Noida GST workplace slapped a nice of Rs 26.89 crore on Vodafone Concept over “allegation of extra availment of ITC and quick tax paid for FY 2019-20”.
The Patna GST workplace ordered a tax demand of Rs 10.94 crore for “availment of extra enter tax credit score and quick fee of tax for FY 2019-20”, whereas the Andhra Pradesh GST workplace slapped a discover for Rs 1.57 crore for “extra availment of ITC for FY 2019-20”.
The Chennai GST workplace demanded Rs 10.99 lakh for “quick fee of tax and extra declare of ITC in FY 2019-20”, whereas Bhubaneswar GST workplace ordered Rs 9.51 lakh for “extra declare of ITC”.
Shimla GST workplace slapped a discover for Rs 50,000 for “quick tax paid in 2019-20”, and one other one for Rs 36,000 for “extra availment of ITC for FY 2019-20”, and Chandigarh GST workplace slapped a discover for Rs 4,211 for “extra availment of ITC for FY 2019-20”.
For all of the GST calls for, Vodafone Concept acknowledged that the utmost monetary influence is to the extent of tax demand, curiosity and penalty levied.
Vodafone Concept shares have fallen 11.42 per cent in 2024 thus far in opposition to a 43 per cent surge within the BSE Telecommunication index throughout the identical interval. Within the final three years, Vodafone Concept shares have rallied 111 per cent in opposition to the BSE Telecommunication index’s 103.80 per cent return.
Brokerages largely have ‘Impartial’ or ‘Maintain’ ranking on the inventory. They instructed value targets within the Rs 15-22 vary. Overseas brokerage Citi final week reportedly maintained its ‘Purchase’ ranking on Vodafone Concept with a goal value of Rs 22, saying the Supreme Courtroom has lastly agreed to listen to the telecom operator’s AGR healing petition. Citi sees the SC’s transfer as a cloth improvement because the matter has been lengthy pending.
