Gaming Stock gets interim tax relief of Rs. 6,384 Crores out of the total tax demand notice of Rs. 23,206 Crores, received by the company from the Directorate General of GST Intelligence.
In the day’s trade, the shares of Delta Corp Limited closed at Rs. 138.80, down 0.61 percent from its previous day’s close price of Rs. 139.65 and its market capitalization is Rs. 3,720 Crores.
Earlier on October 14, 2023, Deltatech Gaming Limited, a subsidiary of Delta Corp Limited, had received a tax demand notice Worth Rs. 6,236.81 Crores for the period dated January 2018 to November 2022 and another notice worth Rs. 147.51 Crores from July 2017 to October 2022, for the shortfall of tax paid.
Pursuant to a writ petition filed by Deltatech Gaming Limited(DGL), before the Hon’ble High Court of Calcutta challenging the above tax demand, the High Court has granted interim relief to DGL and directed that no effect shall be given to any order passed by the Tax Authority concerning the show cause notice for the above demand without the leave of the Hon’ble High Court.
In the last week of September 2023, Delta Corp Limited received 2 tax notices for Rs. 16,822 Crores and the above tax notices for Rs. 6,384 Crores on October 14 totaling to Rs. 23,206 Crores.
Delta Corp Ltd currently owns and operates casinos in Goa, Daman, and Sikkim and has also started an international casino in Nepal, offering approximately 2,000 gaming positions.
Delta Corp currently operates Deltin Royale and Deltin JAQK, amongst India’s two largest offshore casinos, and Kings Casino, the only floating hotel with a casino in India.
Delta Corp Ltd generated 80.33 percent of its total revenue from casino Gaming, 15.21 percent from Online skill gaming, and the rest 4.45 percent from hospitality.
The company’s revenue from operations grew 65.67 percent from Rs. 616.13 Crores in FY22 to Rs. 1,020.77 Crores in FY23, accompanied by increasing profits of Rs. 66.99 Crores to Rs. 261.37 Crores.
Delta Corp Limited is the only publicly listed company in India engaged in the business of gaming and running casinos, it operates in diversified segments like Casino gaming, Online gaming, Hospitality, and Real estate.
Written by: Bharath K.S
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