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Telecom operator Bharti Airtel on Thursday stated it has opted to defer the fee of AGR dues as much as FY 2018-19, that aren’t tabulated within the Supreme Court docket’s order, by as much as 4 years.
It has retained the appropriate to pre-pay instalment quantities and wouldn’t avail the choice of conversion of the curiosity dues that may accrue into fairness.
Sources on the firm stated the quantity of dues add as much as about Rs. 3,000 crore for the extra years.
“We want to inform you that the corporate has knowledgeable to DoT (Division of Telecom) that the corporate shall avail the choice to defer the fee of the AGR (Adjusted Gross Income) dues as much as FY 2018-19 which aren’t tabulated within the Hon’ble Supreme Court docket order, as much as 4 years (relevant from FY 2021-22 to FY 2024-25) whereas retaining the appropriate to pre-pay the instalment quantities,” Bharti Airtel stated in a regulatory submitting.
The corporate additionally made it clear that it’s going to “not avail the choice of conversion of the curiosity dues that accrue below aforesaid choice into fairness”.
Airtel stated DoT had supplied the choice of four-year moratorium (relevant from FY 2021-22 to FY 2024-25) for AGR dues as much as FY 2018-19 which aren’t tabulated within the Supreme Court docket order pertaining to statutory dues in addition to for the conversion of the curiosity dues that accrue into fairness.
The federal government calculates its share of income from telecom operators based mostly on their AGR, which is taken into account to have been earned by them from the sale of companies.
Final week, debt-ridden telecom operator Vodafone Thought (VIL) determined to defer fee of extra AGR dues of Rs. 8,837 crore by a interval of 4 years.
In a submitting on June 22, the corporate stated DoT, on June 15, raised AGR demand for extra two monetary years past 2016-17, which weren’t lined below the Supreme Court docket order on the statutory dues.
VIL had talked about that its board of administrators “has authorised the train of the choice of deferment of the AGR associated dues by a interval of 4 years with rapid impact, in accordance with the stated DoT letter”.
“The quantity of the AGR associated dues as said within the stated DoT letter is Rs. 8,837 crore, which is topic to revision on account of disposal of varied representations,” it had stated.
Telecom service suppliers had received a shot within the arm with the federal government final 12 months approving a blockbuster reduction package deal that included a four-year break for corporations from paying statutory dues, permission to share scarce airwaves, change within the definition of income on which levies are paid and 100 per cent overseas funding by means of the automated route.
In line with official knowledge, telecom operators owe over Rs. 1.65 lakh crore to the federal government in adjusted gross income as much as the monetary 12 months 2018-19.
The recent calculation exhibits complete AGR legal responsibility on Bharti Airtel is Rs. 31,280 crore, Vodafone Thought Rs. 59,230 crore, Tata Group Rs. 12,930 crore, Reliance Jio Rs. 630 crore, BSNL Rs. 16,220 crore and MTNL Rs 5,010 crore as much as the monetary 12 months 2018-19.
A lot of the telecom operators have made half fee of AGR demand raised until fiscal 12 months 2016-17.
Bharti Airtel had an impressive of Rs. 25,970 crore, VIL Rs. 50,400 crore, Tata Group corporations Rs. 12,600 crore, BSNL Rs. 5,840 crore and MTNL Rs. 4,350 crore as on March 31, 2021.
The demand was additionally raised for among the telecom corporations like Sistema Shyam, Etisalat DB Telecom, S Tel, Reliance Communications which have shut down their telecom companies enterprise.
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