Vodafone Idea seeks extension to clear AGR dues, GST refund of Rs 8,000 cr: Report
Vodafone Idea has sought permission to clear its pending adjusted gross revenue (AGR) dues over 15 years and requested concessions on the total amount owed, media reports suggest.
It wants to clear the payments in a staggered manner over 15 years after a three-year moratorium, the telecom major said in a letter to the Department of Telecommunications (DoT), the finance ministry and the NITI Aayog, The Economic Times reported.
The cash-strapped firm wants its AGR-related dues be adjusted against its Goods & Services Tax (GST) refund demand of Rs 8,000 crore, the reports stated.
The company is said to have also requested a cut in license fees and spectrum usage charge (SUC). Vodafone Idea wants licence fee to be lowered to 3 percent from the current 8 percent, and SUC to be cut to a percent from 3 percent.
The telco, which owes the maximum amount to the telecom regulator TRAI, said in the letter that it is not in a 'sound financial state', Business Standard reported.
According to the DoT’s estimate, Vodafone Idea owes over Rs 53,000 crore as AGR dues, of which the company has paid Rs 3,500 crore. But Vodafone Idea’s self-assessment pegs the amount due at Rs 23,000 crore, reports said.
Telecom companies have until March 17 to pay AGR-related dues worth Rs 1.47 lakh crore. After Vodafone Idea, Bharti Airtel and Tata Teleservices have the highest pending dues.