Vodafone Idea to contest ₹10.76 crore penalty order under CGST Act, cites ’wrong transition of CENVAT credit’

In a BSE filing, VIL said the contravention related to the 'alleged wrong transition of CENVAT credit into GST regime'.

Written By Saurav Mukherjee
Updated4 Jan 2024, 10:05 PM IST
(File) Vodafone Idea customer care center with Logo. ,
(File) Vodafone Idea customer care center with Logo. ,

Vodafone Idea Limited on 4 January announced that it will take appropriate legal action for rectification and reversal of an order it received under the Central Goods and Services Tax Act, 2017, entailing a penalty of 10.76 crore.

The troubled telco, in a BSE filing, stated that the contravention related to the 'alleged wrong transition of CENVAT credit into GST regime'.

"The company does not agree with the order and will take appropriate action(s) for rectification/ reversal of the same," Vodafone Idea said in the filing.

Mentioning the details, VIL said that it received an order on 3 January under the Central Goods and Services Tax Act, 2017, entailing a levy of a penalty of 10,76,56,733.

ALSO READ: Vodafone Idea stock in focus as SEBI seeks clarification on stake sale to Elon Musk

VI loses customers:

In the latest data, released by the Telecom Authority of India, Vodafone Idea lost 20.44 lakh wireless users in October.

The subscriber losses of Vodafone Idea Ltd (VIL) dragged its wireless user base to 22.54 crore in October, the data revealed. Cash-strapped VIL has been battling fundraising woes and subscriber losses.

VI's senior executive P Balaji resigns:

Among other details, VI on 3 January said that its chief regulatory and corporate affairs officer P Balaji has resigned and will cease to be a senior management personnel of the company with effect from January 10, 2024.

In his resignation letter, which was shared by the company as part of the filing, Balaji wrote: "I appreciate the opportunity given to me by Vodafone Idea to serve for over 9 years and am proud of the work we have done together to help transform the company".

Balaji further said at this point in his life he is eager to pursue personal and professional goals outside of VIL.

"I would like to resign from the services of the company with immediate effect. I shall be grateful if the company releases me from my responsibilities at the earliest and waives the contractual notice period obligation," he said.

With agency inputs.

 

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First Published:4 Jan 2024, 10:05 PM IST
Business NewsCompaniesNewsVodafone Idea to contest ₹10.76 crore penalty order under CGST Act, cites ’wrong transition of CENVAT credit’

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