Delta Corp stock rises after getting relief from Calcutta High Court in GST case
The Calcutta High Court gave the gaming company relief against GST penalty worth thousands of crores. On November 30, Zee Business was the first to report about the Calcutta High Court relief to Delta Corp.
Delta Corp Share Price: Delta Corp shares started the trading session on BSE on Thursday (December 7, 2023) on a higher note after the Calcutta High Court gave the gaming company relief against GST penalty worth thousands of crores.
On November 30, Zee Business was the first to report about the Calcutta High Court relief to Delta Corp.
The company informed the BSE through a statement on Thursday.
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The Delta Corp stock was trading higher by 1.30 per cent, or Rs 1.80, at Rs 141.00 at 10:03 am on Thursday.
"We refer to our disclosure dated 14th October, 2023, in relation to the following demand for payment received for shortfall of tax paid by Deltatech Gaming Limited (“DGL”), a subsidiary of the Company from the Directorate General of GST Intelligence, Kolkata (“Tax Authority”).
"Pursuant to a writ petition filed by DGL before the Hon’ble High Court of Calcutta challenging the above demand, the Hon’ble High Court has granted interim relief to DGL and directed that no effect shall be given to any order passed by the Tax Authority in relation to the show cause notice for the above demand without the leave of the Hon’ble High Court," Delta Corp said in a BSE filing on Thursday.
Delta Corp Share Price Performance
The company is in dire straits ever since the government has decided to impose 28 per cent GST on the gaming industry.
The stock has slid 41.66 per cent in the six months, 34.69 per cent year-to-date and 38.22 per cent in the last one year.
The benchmark index Nifty 50, meanwhile, has soared 11.45 per cent in the six months, 14.69 per cent YTD, and 12.45 per cent in the one year.