SpiceJet, one of the two listed airlines in India, has reported losses consecutively for the past six quarters, and there could be more trouble brewing for the company. The airline barely has enough cash to pay off its GST dues, reported to be up to ₹285 crore, while its cash reserves were around ₹320 crore. This, according to a Business Standard report, has prevented SpiceJet from sending back 13 Boeing 737 aircraft to its lessors. Due to non-payment of tax dues, the tax authorities have refused to grant a ‘no objection certificate’ to SpiceJet to give back the leased aircraft to its lessors. At the core of the issue is a tax demand by the tax authorities under the Goods and Services Tax (GST) regime – the report stated that SpiceJet failed to pay GST dues worth ₹285 crore.
But there’s more to SpiceJet’s troubles than just tax dues >>
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