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Vodafone Idea receives nine GST demand notices totaling Rs 73 crore from various tax offices.
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The demands include penalty and interest for alleged tax short payments and excess input tax credit (ITC) availed.
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Vodafone Idea disputes the demands and plans to take further action to rectify or reverse the orders.
Vodafone Idea has been slapped with GST demand notices worth Rs 73 crore from nine tax offices across India. The demands include penalty and interest for alleged tax short payments and excess input tax credit (ITC) availed. The highest demand of Rs 33.44 crore came from the Kolkata GST office.
Other significant demands include Rs 26.89 crore from Noida GST office, Rs 10.94 crore from Patna GST office, and Rs 1.57 crore from Andhra Pradesh GST office. Vodafone Idea has stated that it disputes the demands and plans to take further action to rectify or reverse the orders.
The company’s shares have fallen 11.42% in 2024, underperforming the BSE Telecommunication index. Brokerages have largely maintained a ‘Neutral’ or ‘Hold’ rating on the stock, with price targets ranging from Rs 15-22. However, foreign brokerage Citi has maintained a ‘Buy’ rating with a target price of Rs 22.
Vodafone Idea’s ongoing legal battles, including the AGR curative petition, may impact its financial performance. The Supreme Court’s recent agreement to hear the petition has been seen as a positive development by Citi. The outcome of these legal proceedings will be crucial for Vodafone Idea’s future prospects.
