SC Verdict in Centre’s Favour: Bharti Airtel Shares Decline

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SC Verdict in Centre’s Favour: Bharti Airtel Shares Decline
Credit: © Reuters.

By Malvika Gurung

Investing.com -- In a blow to telecom major Bharti Airtel (NS: BRTI ), the Supreme Court on Thursday released its verdict in the Government’s favour on an appeal filed by the Government challenging the Delhi High Court’s order of issuing a GST refund relief of Rs 923 crore to the telecom giant.

For the July to September 2017 period, Bharti Airtel had sought a GST refund of Rs 923 crore, stating that it had paid an excess of Rs 823 crore as tax for the period, due to the non-operationality of the purchase-related dynamic tax return form, GSTR 2A.

Later in May 2020, a two-judge bench of the Delhi High Court had ruled in favour of Bharti Airtel and directed the Government to verify the claim of the excess GST filed and refund the quoted amount to Bharti Airtel within a period of two weeks.

However, in July 2020, the Centre moved the case to the Supreme Court, challenging the HC order to grant the refund amount to Airtel.

The Centre also highlighted in its plea to the Supreme Court that Bharti Airtel had under-reported its input tax for the period under review.

The petition challenging the Delhi High Court’s order was filed by the Dept of Revenue Commissioner of the Finance ministry and the chairman of the Central Board of Indirect Taxes and Customs (CBIC).

After the Supreme Court’s order, dismissing Bharti Airtel’s refund claim, the latter’s stock went down by 1.67% to Rs 690.60, as the market closed on Thursday.

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  • Dhananjai Sharma @Dhananjai Sharma
    need new player in telecom
    Like 0
  • durga rao @durga rao
    Yes if it was not  Jio  customers would not have been  benefited with affordable plans . people were paying about RS.300 and above  for 3 GB per month.
    Like 0
  • Dinesh Singh @Dinesh Singh
    it's all because Govt has always been in the favour of Amban's Jio :((
    Like 9
    • Pravesh Singh @Pravesh Singh
      Yea sure buddy
      Like 0
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