Shares of gaming company Delta Corp Ltd fell as much as 20 per cent on Monday after the company said it received a tax shortfall notice of Rs 16,822 crore on Friday, September 22.
On the BSE, Delta Corp’s stock fell 20 per cent in the intraday session to touch its 52-week low of Rs 140.20. At the time of writing, shares of Delta Corp were trading 18 per cent lower on BSE at Rs 143.65.
Delta Corp, in a statement with the stock exchanges, also said that it has received interest and penalty from the Directorate General of GST from July 2017 to March 2022.
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It announced that it has received one notice for Rs 11,140 crore has been raised against Delta Corp. In another notice, Delta Corp received tax shortfall notice of Rs 5,682 crore against three of its subsidiaries — Casino Deltin Denzong, Highstreet Cruises and Delta Pleasure Cruises.
It said, “The company has received an intimation for payment of shortfall tax under Section 74(5) of the CGST Act, 2017 and Goa SGST Act, 2017, from the Directorate General of GST Intelligence, Hyderabad (“DG Notice”).”
In the notice, the I-T department has advised the company and/or its subsidiary to pay the alleged tax shortfall along with interest and penalty, failing which a show cause notice will be issued to the company and/or its subsidiary under Section 74(1) of the CGST Act, 2017 and Goa SGST Act, 2017.