The Indian Gaming scene took a major hit as Delta Corp, the gaming maestros, stumbled into a financial storm . Share prices plummeted to a fresh 52-week low, leaving everyone shooketh . Hold on tight, this is the real deal!
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The tax bombshell dropped, revealing a jaw-dropping INR168.2 billion (that’s about €1.9 billion, folks!) tax bill that jolted the gaming industry . Yep, you heard it right, DOUBLE the company’s market cap! Talk about a taxing situation!
The bill includes interest and penalties from July 2017 to March 2022, hitting hard like a gaming boss you just can’t defeat . But hey, they can still appeal – it ain’t over ’til it’s over, right?
The tax trouble began when the Directorate General of GST Intelligence threw a whopping INR111.4 billion goods and services tax (GST) liability at Delta Corp. And oh snap, three subsidiaries got dragged into the tax tale, facing an additional INR56.83 billion in underpaid tax.
Now, here’s the kicker – this tax demand is all about the gross bet value, not the gross gaming revenue. It’s like taxing all the snacks you bought at the arcade, not just the games you played . And this battle between gaming bigwigs and India’s tax squad has been running longer than your longest gaming session .
NOTE: “The Company has 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.”
Delta Corp, the gaming virtuoso, runs both land-based and floating casinos in India and Nepal. Plus, they’re slinging online skill games like Rummy and Poker via Adda52.com – talk about a royal flush! In their latest quarter ending June 30, they raked in a whopping INR3.21 billion in total gaming revenue. Now, that’s some serious gaming action!
In the financial battleground of Mumbai, Delta Corp Ltd. (NSE:DELTACORP) took a 17.27% hit, trading at INR145.10 per share. The market saw a new 52-week low at INR140.35 per share. Game on, investors, game on!
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The post 🚀 Delta Corp Drops a Bombshell 💣: Stung by a Whopping €1.9 Billion Gaming Tax Surprise 😱 first appeared on Instant Win.
