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Airtel chooses a four-year deferral to pay dues

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Airtel chooses a four-year deferral to pay dues

On Monday, Bharti Airtel became the second of the three private telecoms to choose to defer the payment of spectrum and adjusted gross revenue (AGR) dues for four years.
Airtel said it would take both alternatives with immediate effect in a notification to the exchanges. Vodafone Idea (Vi) informed the Department of Telecommunications (DoT) last week that it will choose for a four-year ban on the postponement of the two dues, namely the spectrum and AGR dues.

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The Centre recently approved a relief package for the sector that includes a four-year exemption from paying statutory dues, authorization to share restricted airwaves, a revision in the definition of revenue on which taxes are paid, and automatic approval of 100 percent foreign investment.
The spectrum usage tax (SUC) for airwaves obtained in future spectrum auctions would likewise be eliminated. The Centre has authorised a four-year moratorium or delay in annual payments for overdue dues. Last week, the government sent a letter to telecom companies asking them to respond by October 29 whether they want to opt for the four-year embargo.

It has also given the telcos 90 days to declare if they wish to convert the interest earned during the moratorium period into equity. According to the letter to telcos, this alternative would require the submission of audited financial statements for the previous financial year (FY21).

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