Online gaming firms may get some tax demand relief; Delta Corp up 7%

Posted under: Extended Reality
Date: 2024-02-09
Online gaming firms may get some tax demand relief; Delta Corp up 7%

The government could soften its stance on the retro goods and services tax (GST) demand notices issued to online gaming companies, CNBC-TV18 said on February 7. The government may reconsider retroactive GST demands on online gaming firms, acknowledging the existential threat posed to companies like Delta Corp. Delta Corp's stock surged over 7% following this news, with its subsidiary Deltatech Gaming among those affected. Challenges stem from a 28% GST on the face value of gaming chips, impacting player payouts. Delta Corp is diversifying into real estate through a joint venture with Peninsula Land, investing Rs 99.99 crore. Despite a 59.34% decline in net profit and a 15.58% decrease in revenue in the December quarter, Delta Corp seeks to expand its revenue streams. Investors are advised to consult certified experts before making investment decisions.

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