GST department demands tax of ₹124 crore from SpiceJetImage Credit source: CANVA
Aviation company SpiceJet once again seems to be in deep financial crisis. Due to non-filing of GST returns on the company, a mountain of tax liability of more than Rs 124 crore has fallen. The situation is so serious that the department has even warned of canceling the GST registration of the company. The direct impact of this shock can be seen on the investors of SpiceJet when the stock market opens on Monday, where a huge fall in its shares is expected.
Negligence proved costly, tax notice of Rs 124 crore
According to the report of news agency PTI, the GST department has demanded tax of Rs 124.65 crore from the company. In fact, the airline has not filed its GST returns for the last several months. In view of this gross negligence, the department has adopted a strict stance. A show cause notice has been served to the company for not filing returns on time. In this notice issued on 25 May 2026, it has been clearly asked why the GST registration of SpiceJet should not be cancelled.
Dues increased every month
According to GST officials, SpiceJet has been committing irregularities in filing returns for a long time. Due to this, a provisional assessment was made under Section 62 of the CGST and SGST Act, 2017. If we look at the figures of tax demand, it becomes clear that this burden has been continuously increasing. In November 2025 alone, the company had outstanding tax of Rs 44.44 crore. After this, in December 2025 this figure was Rs 43.79 crore. Tax demand has been fixed at Rs 12.19 crore in January 2026, Rs 12.10 crore in February and Rs 12.12 crore for March 2026. Even after receiving the notice, the airline has not filed the pending returns.
Shares may crash on Monday
The company’s common investors may have to bear the biggest loss in this entire tussle. Experts believe that when the market opens on Monday, June 1, there may be a big fall in the shares of SpiceJet under the pressure of this news. On Friday, May 29, the company’s shares closed at just Rs 12.75 on BSE. This year has been a nightmare for investors. Since the beginning of the year 2026, the stock has fallen by about 60 percent, whereas in the last one year it has fallen by more than 70 percent. The stock has weakened by 20 percent in the last 3 months alone. The stock is trading about 73 percent below its 52-week high. At present the market cap of the company is beyond Rs 1900 crore.
The company’s back is breaking due to continuous losses.
The airline is also under immense pressure on the financial front. By the end of March 2026, promoters held 24.19 percent stake in the company. The company has not yet declared the results for the January-March 2026 quarter. Talking about the previous quarter (October-December 2025), SpiceJet had to face a huge consolidated net loss of Rs 261.38 crore. The surprising thing is that in the same period exactly a year ago, the company was making a profit of Rs 20.43 crore. However, there was a 14 percent jump in the company’s revenue from operations on an annual basis, which increased from Rs 1,237 crore to Rs 1,408 crore.
Disclaimer: This article is for information only and should not be considered as investment advice in any way. TV9 Bharatvarsha advises its readers and viewers to consult their financial advisors before taking any money-related decisions.
