SpiceJet clears GST dues days after raising Rs 30 Bn via QIP

30 Sep 2024 CW Team

Low-cost airline SpiceJet on Friday cleared all its Goods and Services Tax (GST) dues, a day after settling all salary arrears for its employees. This comes after the airline this week raised Rs 3,000 crore through a QIP.

The QIP attracted a diverse range of institutional investors and funds, including Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd.

“We are proud to have cleared all GST dues, a significant step towards reinforcing our commitment to financial discipline and regulatory compliance,” said Ajay Singh, Chairman & Managing Director of SpiceJet.

“These developments reflect our commitment to providing exceptional service to our passengers while positioning ourselves strategically for the future.” The airline had earlier revealed it has not paid around Rs 220 crore in tax deducted at source (TDS) from employees' salaries between April 2020 and August 2023 to tax authorities.

On September 24, SpiceJet announced it had resolved its dispute with Engine Lease Finance Corporation (ELFC) through an amicable settlement. ELFC had previously claimed $16.7 million, and the settlement has been reached for an undisclosed amount, which is lower than the initial claim.

Meanwhile, the market share of SpiceJet airline has been shrinking, as per the latest DGCA data. In January, the airline had a market share of 5.6 per cent and since then it has continuously fallen, and in August, it dipped to 2.3 percent. The airline had a largish share of 10.5% in 2021. The shares of SpiceJet were trading with gains of 0.66 per cent as of 10:30 am, while the benchmark indices were up roughly 0.12 per cent.

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