Delta Corp shares are in focus today as 28% GST on online gaming came into effect from October 1. Earlier, online gaming platforms paid 18 percent GST on the platform fees.
Delta Corp shares will be in focus tomorrow as 28% GST on online gaming came into effect from October 1. Earlier, online gaming platforms paid 18 percent GST on the platform fees.
The September 22, claim by the tax department is 3.5x Delta Corp’s last closing market cap and more than double the company’s last decade’s revenue. One saving grace is that the company is debt free.
Shares of Delta Corp Ltd crashed 20% in early deals today after the gaming and casino firm said it has received tax notices totaling Rs 16,822 crore from the Directorate General of GST Intelligence. The demand is for the period between July 2017 and March 2022. The company informed the same to the bourses on Friday. Delta Corp shares tanked 20% to Rs 140.20 on Monday against the previous close of Rs 175.25 on BSE. Market cap of Delta Corp fell to Rs 3850 crore in the current session.