• Notification Date: 18-10-2023
• Notification No: N/A

Delta Corp again receives GST Shortfall Notice of Rs 6,384 crore

Shares of Delta Corp Ltd are in news today after the gaming and casino firm, said its subsidiary Delta Tech Gaming has been notified of a substantial tax liability amounting to Rs 6,384 crore on October 14. 

With the latest tax notification, Delta Corp's cumulative tax shortfall obligation has now reached a significant sum of Rs 23,206 crore. 

In the last week of September 2023, the firm received tax notices totaling Rs 16,822 crore from the Directorate General of GST Intelligence. The demand was for the period between July 2017 and March 2022. One notice for Rs 11,140 crore was issued against Delta Corp. The other notice for Rs 5,682 crore was raised against three of its subsidiaries -- Casino Deltin Denzong, Highstreet Cruises and Delta Pleasure Cruises, the company said. 

Shares of Delta Corp closed 0.85% lower at Rs 140 on Friday. Total 3.60 lakh shares of the firm changed hands amounting to a turnover of Rs 5.05 crore in the previous session. The stock has lost 34.54% in one year and fallen 35 per cent since the beginning of this year. Delta Corp stock has a one-year beta of 1.3, indicating very high volatility during the period. 

In terms of technicality, the relative strength index (RSI) of Delta Corp stands at 26.9, signalling it's trading in the oversold zone. Delta Corp shares are trading higher than 10 days but lower than the 5-day, 20-day, 50-day, 100-day, 150-day and 200-day moving averages. 

In its filing with BSE on October 14, the company stated, "The GST notice instructs DeltaTech Gaming Limited to settle the alleged tax deficit, including interest and penalties. Failure to do so may result in the issuance of a show cause notice under Section 74(1) of the CGST Act, 2017." 

The Delta Corp stock closed 23% lower at Rs 189.35 on July 12 after the GST Council imposed a levy of 28% GST on online gaming, horse racing, and casinos.