Quick Summary
Budget airline SpiceJet disclosed on Tuesday that it has not paid statutory dues totalling Rs 427 crore from April 2020 to August 2024 due to severe financial constraints. The unpaid amounts include Rs 219.8 crore in tax deducted at source (TDS), Rs 71.33 crore in goods and services tax (GST), and Rs 135.47 crore towards provident fund (PF) contributions. In a regulatory filing submitted to the BSE, SpiceJet revealed that 36 of its 58 aircraft are grounded due to financial difficulties, includi
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FAQ :
SpiceJet has disclosed unpaid statutory dues totalling Rs 427 crore from April 2020 to August 2024.
The unpaid amounts include Rs 219.8 crore in tax deducted at source (TDS), Rs 71.33 crore in goods and services tax (GST), and Rs 135.47 crore towards provident fund (PF) contributions.
36 of SpiceJet's 58 aircraft are grounded due to financial difficulties, including defaults on payments to aircraft lessors and issues with maintenance and spare parts.
SpiceJet plans to raise ₹3,000 crore through a qualified institutional placement (QIP) to clear statutory dues, settle employee and airport liabilities, and expand its fleet.
Legal experts warn that the airline could face severe penalties for failing to remit taxes like GST, which may include legal action and possible imprisonment for key management personnel.
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