Delta Corp slips 9% on additional GST shortfall notice worth Rs 6,384 crore

The stock was quoting at its lowest level since November 2020, and has tanked 51 per cent from its 52-week high level of Rs 259.95 touched on June 28, 2023

Shares of Delta Corp slipped 9 per cent to Rs 127.30, hitting a three-year low on the BSE in Monday's intra-day trade, after the company received additional notice of claimed Goods and Services Tax (GST) shortfalls totaling Rs 6,384 crore, according to a regulatory filing by the casino network operator on October 14.

The stock was quoting at its lowest level since November 2020. The market value of Delta Corp has more-than-halved, tanking 51 per cent from its 52-week high level of Rs 259.95 touched on June 28, 2023.

''The amounts claimed in the notice are inter alia based on the gross bet value of all games played during the relevant period. Demand of GST on gross bet value, rather than gross rake amount, has been an industry issue and various representations have already been made to the Government at an industry level in relation to this issue,'' the company said in the filling. CLICK HERE FOR DETAILS
 

Earlier, Delta Corp had received a similar notice from the government - on September 22 - to pay tax of Rs 16,823 crore along with interest and penalty for the period July 2017 to March 2022.

In an exchange filing, Delta Corp had announced that one notice for Rs 11,140 crore has been raised against Delta Corp. The other notice for Rs 5,682 crore has been raised against three of its subsidiaries -- Casino Deltin Denzong, Highstreet Cruises, and Delta Pleasure Cruises.

Delta Corp said the company and its subsidiaries have been legally advised that the DG Notice and the tax demand is arbitrary and contrary to law, and the company will pursue all legal remedies available to it to challenge such tax demand and related proceedings. CLICK HERE FOR FULL DETAILS