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India's Delta Corp shares sink on $1.34 bln tax blow

Reuters · 1y ago

India's Delta Corp shares sink on $1.34 bln tax blow

Shares of Indian casino operator Delta Corp plunged by 20% after receiving a notice to pay 111.40 billion rupees ($1.34 billion) in tax arrears. The company and its units also received intimations of an additional tax shortfall of 56.83 billion rupees. This adds to the challenges faced by the gaming company, which has already been dealing with elevated levies imposed by the federal government. The stock's decline is the sharpest since July 12, when a 28% indirect tax was imposed on gaming companies. The shares have fallen by 32% this year.

Related News

Delta Corp shares rise nearly 5% amid likely relief at GST Council meeting

Money Control

Money Control · 11m ago

Delta Corp shares rise nearly 5% amid likely relief at GST Council meeting

Shares of Delta Corp, a casino operator, rose nearly 5% on September 6. This increase was due to the likelihood of relief being granted at the GST Council meeting on September 9. The meeting aims to discuss the interpretation of a recently introduced amendment in the GST Act, which could potentially bring relief to retrospective tax demands. The outcome of the meeting may have significant implications for the real-money gaming industry, including companies like Delta Corp's Adda52. The gaming industry has faced substantial GST retrospective tax demands since July 2017.

Delta Corp Q3 FY24 update: Net Profit declines 59% yoy to ₹34 crore

Livemint

Livemint · 1y ago

Delta Corp Q3 FY24 update: Net Profit declines 59% yoy to ₹34 crore

Casino and gaming services company, Delta Corp, witnessed a 59.34% decline in net profit for the quarter ending in December, with a consolidated net profit of ₹34.48 crore. The company's revenue from operations for the quarter decreased by 15.58%, standing at ₹234.41 crore. While the casino and online gaming divisions experienced a significant drop in revenue, the hospitality division saw an improvement. Delta Corp intends to challenge the arbitrary tax demands it received from authorities.

Govt serves online gaming companies tax notices worth Rs 1 lakh crore

Economic Times

Economic Times · 1y ago

Govt serves online gaming companies tax notices worth Rs 1 lakh crore

The Indian government has issued show cause notices worth Rs 1 lakh crore ($13.4 billion) to online gaming companies for tax evasion, according to a senior official. The notices are part of efforts to crack down on tax evasion in the gaming industry. From October 1, foreign gaming companies are required to register in India under the amended GST law. The notices have been served to companies like Dream11, Delta Corp, and GamesKraft.

Canadian PE firm Clairvest-controlled A23 to buy Delta’s online poker arm Adda52

VCCircle

VCCircle · 5m ago

Canadian PE firm Clairvest-controlled A23 to buy Delta’s online poker arm Adda52

Head Digital Works Pvt Ltd, owned by Canadian private equity firm Clairvest Group, is acquiring Delta Corp's online poker platform Adda52 in a deal valued at approximately Rs 491 crore. The transaction involves Head Digital first acquiring a 51% stake in Deltatech Gaming, which operates Adda52, followed by a merger. Delta Corp will receive a stake in Head Digital, which aims to enhance Adda52’s leading position in India's online poker market.

Casino operator Delta Corp subsidiary gets Rs 6,384 crore GST notice from DGGI

IndianStartupNews

IndianStartupNews · 1y ago

Casino operator Delta Corp subsidiary gets Rs 6,384 crore GST notice from DGGI

Indian casino operator Delta Corp's subsidiary, Deltatech Gaming, has received a notice from the Directorate General of GST Intelligence demanding payment for a tax shortfall of Rs 6,384 crore. This adds to Delta Corp's existing tax liabilities totaling Rs 23,206 crore. The notice is based on the gross bet value of games played, following the GST council's decision to impose a 28% tax on the full face value of chips purchased for playing.

Online gaming companies get summons for cashback to players since October

Economic Times

Economic Times · 1y ago

Online gaming companies get summons for cashback to players since October

The Directorate General of GST Intelligence (DGGI) has issued fresh summons to online gaming companies, including Delta Corp, to provide information on the cashback given to players. The DGGI found that taxed money was being reimbursed to players as cashback in separate promo accounts by gaming companies after the implementation of the 28% GST on the full betting amount. The investigation focuses on cashback provided between October 2023 and June 15, 2024. Gaming companies are already facing tax demands of around ₹1.14 lakh crore with pending appeals in courts.

GST Council Likely To Retain 28% Tax On Online Gaming In June Meeting

Inc42 · 1y ago

GST Council Likely To Retain 28% Tax On Online Gaming In June Meeting

Gaming startups in India, such as Gameskraft, Delta Corp, and Dream11, have been served notices to pay INR 1.12 lakh crore in GST. Last year, the GST Council imposed a 28% tax rate on online gaming at the entry level. The council is expected to review this decision in June, as the government's GST revenue from online gaming has increased significantly in the last six months. Despite earlier plans to regulate the sector, Prime Minister Narendra Modi recently mentioned that there is no need for regulations but emphasized the importance of organizing and legalizing online gaming.

Reliance's Jio Financial falls 5% in market debut, valued at $19 bln

Reuters · 1y ago

Reliance's Jio Financial falls 5% in market debut, valued at $19 bln

Shares of India's Jio Financial Services (JFS) , carved out of billionaire Mukesh Ambani-led Reliance Industries , fell as much as 5% in their trading debut on Monday, valuing the company at 1.58 trillion rupees ($19 billion).

Government to impose 28% GST on online games

Entrackr

Entrackr · 2y ago

Government to impose 28% GST on online games

The 50th Goods and Services Tax (GST) Council meeting on Tuesday decided that a 28% GST will be levied on the full face value of online gaming. The move deals a severe blow to the gaming companies that offer real-money games.

Eternal gets Rs 1.34 Cr GST demand order for FY22, plans to appeal

YourStory

YourStory · 1d ago

Eternal gets Rs 1.34 Cr GST demand order for FY22, plans to appeal

Eternal, a consumer tech platform, received a Rs 1.34 crore GST demand from the Uttar Pradesh State Tax Authority for the FY 2021–22. The demand includes taxes and penalties due to alleged short payment and excess input tax credit. Eternal plans to appeal the order, asserting a strong case on its merits. This situation is reminiscent of a past issue faced by Zomato, highlighting the ongoing complexities in the taxation of tech companies.

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