Vodafone Idea gets two GST penalty orders totaling about Rs 48.6 crore

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On the reaction day the stock moved 1.9 pts less than Nifty Midcap 150 and 1.2 pts less than its Telecom - Cellular & Fixed line services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

Vodafone Idea received two GST orders totaling about Rs 48.6 crore in penalties plus demand and interest. First order from CBIC Guwahati demands Rs 44.79 crore penalty for excess input tax credit claimed from April 2018 to March 2021. Second order from Mumbai East commissionerate demands Rs 3.79 crore penalty for allegedly wrongly availed input tax credit from FY 2018-19 to FY 2023-24. The company disagrees with both orders and will seek rectification or reversal.

Likely market impact

Extra tax liability on already financially stressed Vodafone Idea. Company plans to contest, but if upheld it will add to cash flow and profitability pressure.