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Delta Corp shares plunge nearly 9 pc on Rs 6,384 crore notice for short payment of GST
Shares of Delta Corp plunged nearly 9 per cent on Monday after the company received a GST notice for short payment of tax to the tune of Rs 6,384 crore.
New Delhi: Shares of Delta Corp plunged nearly 9 per cent on Monday after the company received a GST notice for short payment of tax to the tune of Rs 6,384 crore.
The stock tanked 8.79 per cent to settle at Rs 127.70 apiece on the BSE. During the day, it fell 11 per cent to Rs 124.60 -- its 52-week low. On the NSE, it plummeted 8.17 per cent to end at Rs 128.55 per piece. On the volume front, 28.26 lakh shares of the company were traded on the BSE and over 2.93 crore shares were traded on the NSE during the day. In another blow to the company, Delta Corp has received a GST notice for short payment of tax to the tune of Rs 6,384 crore, taking the overall tax demand on the firm to over Rs 23,000 crore.
The company said that the tax demands are arbitrary and contrary to law, and added it will challenge them. DGGI (Directorate General of GST Intelligence) Kolkata on October 13, 2023 has served an intimation notice on Deltatech Gaming, a subsidiary of Delta Corp, seeking GST of Rs 6,236.8 crore for the period January 2018 to November 2022, the company said in a filing on Saturday.
For the period July 2017 to October 2022, another demand worth Rs 147.5 crore has been served, it said. "The notice advises Deltatech Gaming to pay the alleged tax shortfall along with interest and penalty failing which a show cause notice will be issued to the company...," it further said. It added: "The notice also states that the CEO and Executive Director of Deltatech Gaming Limited, being in charge of its day to day affairs, is liable for a penalty" under the GST law. The amounts claimed in the said notice are based on the gross bet value of all games played during the relevant period, according to Delta Corp
