SpiceJet Clears All GST Dues
The airline informed that the payment of goods and service tax (GST) dues follows SpiceJet's recent successful Qualified Institutional Placement (QIP), which raised Rs 3000 crore
Maintaining financial discipline and regulatory compliance, domestic airline SpiceJet has cleared all its Goods and Services Tax (GST) dues. The airline in a statement on Friday informed that the payment of GST dues follows SpiceJet's recent successful Qualified Institutional Placement (QIP), which raised Rs 3000 crore.
The QIP attracted a diverse range of top-tier institutional investors and funds, including marquee names such as Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity.
"We are proud to have cleared all GST dues, a significant step towards reinforcing our commitment to financial discipline and regulatory compliance," said Ajay Singh, Chairman, Managing Director of SpiceJet. "These developments reflect our commitment to providing exceptional service to our passengers while positioning ourselves strategically for the future," Singh added.
On 24 September, SpiceJet informed it had resolved its dispute with Engine Lease Finance Corporation (ELFC) through an amicable settlement. ELFC had previously claimed USD 16.7 million, and the settlement has been reached for an undisclosed amount, which is lower than the initial claim. This resolution marks another significant step towards strengthening SpiceJet's financial health. Recently, the airline has cleared all pending salary dues of its employees.
Earlier, the airline disclosed in its preliminary placement document that Owing to its constrained financial position, it has not paid the statutory dues amounting to Rs 427 crore between April 2020 to August 2024. The airline revealed that the dues include Rs 219.8 crore in tax deducted at source (TDS), Rs 71.33 crore in goods and service tax (GST) and Rs 135.47 crore towards the contribution to provident fund (PF). (ANI)
