According to reports, the GST claim is among the highest so far issued, with expectations the tax authority will be further going after online gaming companies.
Delta Corp operates casinos in Goa and Sikkim as well as online gaming operations.
The tax authority also recently proceeded with a 28 percent tax on online gaming, casinos, and horse racing, which could come into effect as early as October. Finance Minister Nirmala Sitharaman said on July when law was approved, the decision was taken after consultation with states, and that there was no intention to harm the industry; however, industry representatives have warned that the extra charges were likely to be passed on to customers.
Delta Corp has announced its opposition to the tax claim, taking issue with the levy being based on the gross bet value instead of gross gaming revenue.
It noted it would ‘pursue all legal remedies available’.
Delta Corp surges 2%
On September 4, Delta Corp witnessed a notable surge in its stock price, with shares spiking by more than 2 percent. This surge in value was accompanied by a significant trading activity, as shares worth Rs 45.6 crore were exchanged. As of 2:15 p.m. on the NSE, Delta Corp's stock was quoted at Rs 186.60, with a trading volume of 7.5 million shares. Notably, this transaction represented approximately 1 percent of Delta Corp's total equity, although the identities of the buyers and sellers involved in the deal remained undisclosed at the time.
