Delta Corp tumble Down 20% at Open after Tax liability of Rs 11139 Cr GST Demand on 25 september 2023. Delta Corp opens at 157.90 Rs price which is 105 down 10% from perious close of 175.40 on friday, 22 september 2023.
Delta Corp, known as India’s biggest casino chain, recently received a rather unwelcome notice from the Directorate General of GST Intelligence in Hyderabad. The notice alleges that the company owes a staggering Rs 11,139 crore in taxes, along with interest and penalties. This eye-popping tax demand covers the period from July 2017 to March 2022.
In response to this intimidating notice, Delta Corp wasted no time in making an announcement to the stock exchange. They revealed that if they fail to settle these dues promptly, they could face a show-cause notice in the near future.
This news has certainly sent shockwaves through the business world, as such a significant tax liability can have serious implications for any company. Delta Corp, with its prominent presence in the casino industry, will undoubtedly need to navigate these financial challenges carefully.
The tax dispute highlights the importance of keeping a close eye on financial matters, even for well-established businesses. As the situation unfolds, Delta Corp will need to work closely with tax authorities to resolve this substantial financial issue and ensure the continued operation of its casinos.