SpiceJet makes shocking revelation of not paying ₹3,500 crore in TDS and PF
SpiceJet has revealed it has not paid around Rs 2,200 crore in tax deducted at source (TDS) from employees' salaries between April 2020 and August 2023 to tax authorities. Additionally, the airline owes over Rs 1,353 crore in provident fund (PF) payments to its employees for the same period.
In the airline's preliminary placement document (PPD) filed with the Bombay Stock Exchange (BSE), SpiceJet said about Rs 720 crore of TDS for the assessment years 2009-10 to 2013-14 is disputed. It also listed considerable dues in customs, service tax, and goods and services tax (GST) as «disputed.»
«Owing to our constrained financial position, we have delayed in depositing/ payment of the statutory dues,» the cash-strained ailrine said. These dues include TDS and filing of TDS returns on time, gratuity dues to employees, provident fund, and goods and services tax and filing of returns.
SpiceJet's aims to raise RS 3,00 cr to stay afloat
To stay afloat, SpiceJet aims to raise Rs 3,000 crore by the end of the month by selling shares to eligible institutional participants through a Qualified Institutional Placement (QIP). While Yes Bank has given consent for the QIP, ICICI and Indian Bank are yet to do so, the carrier said.
SpiceJet plans to use the funds from this issue to improve its financial situation and get back to full operations.
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