Indian Income Tax Department passed GST notices to the online gaming companies worth INR 1 Lakh crore on Wednesday 25 October 2023 as per reports. Check out the full information below.
On 11 July 2023, the GST Council of India Decided to impose 28% GST on online gaming, casinos, and horse racing at full value at its 50th meeting. However, the date is not specified to roll out 28% GST. According to Finance Minister Sitharaman, the GST Council has agreed that online gaming, casinos, and horse racing will be taxed at a rate of 28 percent at the entry point on the entire face of bets.
Delta Corp, a well-known casino chain operating in India, is currently facing a severe financial crisis. On October 16, the company’s stock prices experienced a significant drop of 10% on the Bombay Stock Exchange (BSE), hitting a new low for the year at ₹126 per share. This sudden decline was set in motion by a recent notification from the Goods and Services Tax (GST) authorities, demanding an additional payment of ₹6,385 crore due to a tax shortfall identified within its subsidiary, Deltatech Gaming.
Delta Corp’s subsidiary, Deltatech Gaming, recently received an official notice from the Directorate General of GST Intelligence in Kolkata, dated October 13, 2023. The notice indicated a substantial tax deficit under the CGST Act, 2017, and the West Bengal GST Act, 2017. The alleged tax shortfall amounts to over ₹6,236 crore for the period spanning from January 2018 to November 2022, and more than ₹147 crore for the period from July 2017 to October 2022.
Editor's Pick
Cricket
IND vs AUS 4th Test LIVE Score, Day 1: Unafraid Sam Konstas brings up maiden 50, India in trouble
Top Stories
