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Print After pulling up Kingfisher Airlines, the service tax department has served a notice to Jet Airways, asking them to pay up their dues or face freezing of their bank accounts
In another indication of the aviation industry’s poor health, the service tax department has served a notice to Jet Airways for non-payment of dues. According to the notice, if the airline does not cough up the Rs 69 crore that it owes the department for the months of January and February, then its bank accounts will be frozen.
The department has already frozen the bank accounts of Kingfisher Airlines for the same reason.
According to a source in the department, "The airline was supposed to pay the amount by March 6. If they do not reply to the notice soon, we will freeze their bank accounts. We have to talk to the banks to assess the number of accounts they have."
When contacted, Jet’s Senior Vice-President (Finance) Mahalingam Shivkumar said, the airline will make the payment by Monday. "There has been some delay because of the hike in oil prices and other costs. We are making the payments by Monday. Everything will be normal then. It is only a delay of about four days... it is like making a mountain out of a molehill," he said.
The airline has, however, not been doing well financially. It posted a loss of Rs 101.22 crore in the third quarter ending December 31 last year, owing to higher fuel prices, lower fares and rupee depreciation. In the corresponding quarter the previous year, the company had posted a net profit of Rs 118.23 crore.
However, its total income increased to Rs 3,939.16 crore for the last quarter of 2011, as against the Rs 3,473.38 crore it recorded during the same quarter, the previous year.
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