Vodafone India denies paying ₹73 crore GST; share prices jump over 4%

According to an exchange filing, Vodafone India has received an order passed under Section 74 of Central Goods and Services Tax Act 2017, with a penalty of ₹16,96,94,250 for alleged non-payment of GST along with the demand and interest as applicable.

However, Vodafone Idea has contested the claims made in the GST notice and stated that it will pursue appropriate measures for rectification or reversal.

“The maximum financial impact is to the extent of tax demand, interest and penalty levied. The Company does not agree with the Order and will take appropriate action(s) for rectification/ reversal of the same,” Vodafone Idea said in a stock exchange filing.

At 2:40 PM, the shares of Vodafone Idea are currently trading 1.98% higher at ₹8.23 apiece on the NSE.

Vodafone Idea’s consolidated net loss contracted to ₹6,609.3 crore year-on-year in the third quarter of the 2024-25 financial year(Q3 FY25), the telecom company said on Tuesday, February 11. Its net loss stood at ₹6,985.9 crore in the corresponding period last year.

The teleco’s revenue from operations stood at ₹11,117.3 crore in the quarter under review, jumping 4.16% year-on-year (YoY) from ₹10,673.1 crore in the December quarter of the 2023-24 fiscal year (Q3 FY24).

“We are driving investments and the velocity of capex deployment is set to accelerate in the coming quarters. Concurrently, the phased rollout of 5G services is underway, targeting key geographies. We are pleased to report the highest quarterly cash EBITDA since merger of ₹24.5 billion, registering a YoY growth of ~15%. With our intensifying investments, we anticipate further improvement in both operational and financial performance. With the recent equity infusion of ₹19.1 billion from one of our promoters, we have now secured approximately ₹260 billion in fresh equity capital over the past 10 months,” Akshaya Moondra, CEO of Vodafone Idea Limited commented.

“In parallel, we continue to engage with lenders for debt financing, aligning with our planned network expansion investment of ₹500–550 billion over a three-year period. The government’s decision on the bank guarantee waiver underscores its ongoing support for the telecom sector—a critical pillar of Digital India’s future,” Moondra added.