Bharti Airtel shares rise after GST demand notice reduced to ₹194 crore from ₹604.6 crore

In the early trade, the stock traded 0.5% higher at ₹1,494.1 apiece on the National Stock Exchange (NSE). The company's market capitalisation stands at 8.50 lakh crore.

GST appellate authority orders Airtel to pay ₹194 crore GST

The Goods and Service Tax (GST) Appellate Authority has ordered Bharti Airtel to pay a GST of ₹194 crore GST on licence fees and spectrum usage charges (SUC) demanded by the Department of Telecom.

The matter pertains to the demand for GST of ₹604.66 crore by the GST Department under the reverse charge mechanism on license fee (LF) and SUC basis of the demand note issued by the Department of Telecommunications.

The company had filed an appeal against the order.

"On an appeal filed by the Company to Commissioner (Appeals), Central Goods and Service Tax Appellate Authority, Delhi, the Appellate Authority has passed an appeal order reducing the said demand to ₹194 crore," the telecom major said in an exchange filing.

The company received the order on August 21. It is assessing the impact of the appeal order and will take appropriate action.

Bharti Airtel posted a 157.9% jump in consolidated net profit to ₹4,159.9 crore in Q1 FY25 against a net profit of ₹1,612.5 crore in the year-ago period.

The consolidated revenue from operations surged by 2.8% to ₹38,506.4 crore in the quarter ended June 30, 2024, from ₹37,440 crore a year back.