SpiceJet pays INR 310 crore to clear TDS dues, ETCFO
SpiceJet on Tuesday cleared pending TDS (Tax Deducted at Source) dues amounting to Rs 310 Crore, including employee TDS, up to the second quarter of FY 2025.
The airline had not paid around INR 220 crore in TDS from employees’ salaries between April 2020 and August 2023.
Beginning September 26, 2024, SpiceJet has cleared over INR 600 crore in pending dues, including outstanding salaries, GST liabilities, and Provident Fund (PF) contributions, the low-cost carrier said in a press release. Additionally, the company has also successfully reached settlements with multiple aircraft lessors.
The airline last month raised Rs 3,000 crore through a QIP. The airline’s QIP was oversubscribed with 87 Indian and international institutions subscribing to the issue.
The airline is also set to strengthen its fleet with the induction of 10 new aircraft by November.
Moreover, as part of its regional connectivity efforts, SpiceJet recently began UDAN flights linking Shivamogga in Karnataka with Chennai and Hyderabad.
Furthermore, the airline introduced double daily services between Chennai and Kochi, addressing the high demand for travel between these two hubs.
“We are committed to setting our house in order and are pleased to have cleared all pending TDS dues. The successful clearance of dues marks a significant step forward for SpiceJet. It reinforces the airline’s commitment to financial stability and responsible business practices. With a stronger financial position, SpiceJet is well-equipped to continue its growth trajectory and provide exceptional air travel services to its valued customers,” said Ajay Singh, Chairman and Managing Director, SpiceJet.
