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BANGALORE: Shares of casino operator Delta Corp plunged 20% on Monday to its lowest since January 2021, after the company said that it received a notice to pay Rs 11,140 crore ($1.3 billion) in tax arrears.
Delta, valued at about Rs 47 crore, added that the company and two of its units received intimations of an additional tax shortfall aggregating to Rs 5,680 crore for the period between July 2017 and March 2022.
The notice, issued under GST acts, deals another blow to the gaming company which is already contending with the government’s elevated levies. The demand for GST on gross bet value spells trouble for Delta, Amit Kumar Gupta, founder of Fintrekk Capital said, adding that the dues are more than the market capitalisation of the company.
Delta, which owns casinos as well as poker and rummy websites, has said that it would pursue legal remedies to challenge the tax demand and related proceedings.
Delta, valued at about Rs 47 crore, added that the company and two of its units received intimations of an additional tax shortfall aggregating to Rs 5,680 crore for the period between July 2017 and March 2022.
The notice, issued under GST acts, deals another blow to the gaming company which is already contending with the government’s elevated levies. The demand for GST on gross bet value spells trouble for Delta, Amit Kumar Gupta, founder of Fintrekk Capital said, adding that the dues are more than the market capitalisation of the company.
Delta, which owns casinos as well as poker and rummy websites, has said that it would pursue legal remedies to challenge the tax demand and related proceedings.
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