Delta Corp Shares Hit 52-week Low After Receiving Rs 16,823 Tax Shortfall Notice

Delta Corp Shares Hit 52-week Low After Receiving Rs 16,823 Tax Shortfall Notice
Delta Corp Shares Hit 52-week Low After Receiving Rs 16,823 Tax Shortfall Notice

Delta Corp Shares Hit 52-week Low After Receiving Rs 16,823 Tax Shortfall Notice Indian gaming company Delta’s stock hit a 52-week low on Sept. 25 as investors reacted to large tax bills the company received in July 2017 and March 2022.

 

 Delta Air Lines stock price fell 20% early Monday to hit a 52-week low of 140.35 rupees. As of 11:50 am, the company’s stock was trading at Rs 144.55, down nearly 17.6 per cent from its last closing price on the National Stock Exchange (NSE).

 

 In two stock exchange filings dated September 22, the casino operator has received information from the Directorate General of GST Intelligence, Hyderabad, for missing Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST). He said he received a notice requesting payment. Interest and contractual penalties.

 

 The company has been advised to settle the alleged tax of Rs 11,139.61 million plus interest and penalties from July 2017 to March 2022. Among its subsidiaries, Casino Deltin Denzon Sikkim was assessed a tax assessment of Rs 628.2 million, High Street Cruises and Entertainment was ordered to pay Rs 3,289.94 million and Delta Pleasure Cruise Company has to pay outstanding taxes of Rs 1,765.21 million.

 

 The amount charged is based on the total amount of all games played at the casino during the period. The total tax liability received by the company and its subsidiaries as per the Directorate General Notification was Rs 16,822.97 million. The total amount requested by the tax department is more than 3.5 times Delta’s most recent closing market capitalization.

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