Delta Corp: Jain said post October 1, 2023, his company is supposed to pay 28 per cent GST, not on the GGR which it was paying but on the sale of chips which it is selling.
F&O Ban: Biocon, GNFC, Ashok Leyland, Aditya Birla Fashion and Retail, RBL Bank, UPL may enter the ban list as these stocks are near the 95 percent MWPL.
Delta Corp said the holding company carries goodwill, arising on consolidation amounting to Rs 355.33 crore in the consolidated financial results of the holding company, which was recognised in the earlier years.
This is the sixth straight session where Delta Corp stock has recorded a fall. The price correction was amid significant volumes with more than 43.76 lakh shares changing hands on the NSE around 9:30 am.
Delta Corp stock was hit hard recently after the GST Council imposed of 28 per cent tax on online gaming, casinos and horse racing. Add to the worries was the tax notices that Delta Corp and two of its subsidiaries on alleged tax shortfall.
Delta Corp shares have been on a losing streak for six sessions now. The company recently received one tax notice for Rs 11,140 crore and another amounting to Rs 5,682 crore against three of its subsidiaries.
The September 22, claim by the tax department is 3.5x Delta Corp’s last closing market cap and more than double the company’s last decade’s revenue. One saving grace is that the company is debt free.
Delta Corp: Sitharaman said the GST Council has recommended that valuation of supply of online gaming and actionable claims in casinos may be done based on the amount paid or payable to or deposited with the supplier.