&imwidth=800&imheight=600&format=webp&quality=medium "Vodafone Idea case: SC allows Centre to reconsider AGR dues; firm's share prices rise")
The Supreme Court of India on Monday allowed the Central government to reconsider the issue ofadditional adjusted gross revenue (AGR) demands raised by the Department of Telecommunications (DoT) with Vodafone Idea for the financial year 2016-2017. Following the court's action, the company's shares rose on the Indian stock market.
The court allowedthe review after the Centre submitted that it would examine and review the concerns raised by the telecom firm.
The Central government informed the Supreme Court that it holds a 49 percentstake in Vodafone Idea, which provides services to around 20 crore customers.
The court found the matter in the realm ofthe policy domain of the government.
The company had moved the court, claiming that there were errors in the computation of AGR dues. It claims that these errors led to the duplication of entries, which resulted in additional AGR dues demands by DoT.
What's AGR?
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AGR, or adjusted gross revenue, is the usageandlicensing fee that telecom operators are required to pay to the Department of Telecommunications.It is calculated based on the operators' gross revenue, which includes both telecom and non-telecom income.
The telecom companies used to say that revenue earned from core telecom operations should only attract the fees to the DoT.
DoT says that all revenues, including rent, dividends, and interest, should be counted in the revenue on which taxes are calculated.
These companies had moved against the DoT's demand for AGR dues. In 2019, however, theSupreme Court directed telecom companies to pay the adjusted dues to the government department. However, the next year, the courtallowed telecom companies to pay AGR dues over a period of 10 years, with a payment plan of 10 per cent every year.
In 2021, the courtdismissed pleas by telecom majors, including Bharti Airtel and Vodafone Idea, seeking correction of errors in the calculation of AGR dues.
Now, after Monday's order, the central government can consider easing the financial burden onVodafone Idea.
Vodafone Idea stock performance
Meanwhile, Vodafone Idea'sshares gained 13.3 per centfrom the day's low to hit a fresh 52-week high of Rs 10.52 on the National Stock Exchange. The stock had opened in the red, at Rs 9.28, a low of 2 per cent.