1. Government to get Rs 37,000 crore from spectrum auction this fiscal

Government to get Rs 37,000 crore from spectrum auction this fiscal

The government will garner as much as Rs 37,000 crore this fiscal from just-concluded spectrum auction after taking into account close to Rs 5,000 crore of service tax that telecom companies will pay.

By: | New Delhi | Updated: October 7, 2016 7:45 PM
The government will garner as much as Rs 37,000 crore this fiscal from just-concluded spectrum auction after taking into account close to Rs 5,000 crore of service tax that telecom companies will pay. The government will garner as much as Rs 37,000 crore this fiscal from just-concluded spectrum auction after taking into account close to Rs 5,000 crore of service tax that telecom companies will pay.

The government will garner as much as Rs 37,000 crore this fiscal from just-concluded spectrum auction after taking into account close to Rs 5,000 crore of service tax that telecom companies will pay.

The government received commitment of Rs 65,789 crore by selling 964.80 MHz of spectrum, more than the combined amount of airwaves sold in past four auctions, in a sale that concluded yesterday. Of this, winners have to deposit Rs 32,000 crore within 10 days of receipt of allotment letters.

While the allotment letters may go out as early as Monday, the spectrum would be assigned to the winning companies within one month of their depositing the money, Telecom Secretary J S Deepak told PTI.

“The proceeds from spectrum sale for this financial year would be bolstered by additional Rs 5,000 crore on account of 15 per cent service tax that is applicable (on the sale consideration)…this means that the realisation for the current fiscal would be close to Rs 37,000 crore,” he said.

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