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After Finance Minister Nirmala Sitharaman announced that the 28% Goods & Services Tax (GST) on online gaming, casinos, and horse racing will go into effect on October 1st, Delta Corp’s share price fell nearly 8% during early trade on Thursday. The price of a share of Delta Corp decreased on the BSE by as much as 8.04% to 181.25.
The Goods and Services (GST) Council voted to evaluate the 28% tax imposed on online gaming and casinos six months after it goes into effect on October 1, 2023 during its 51st meeting, which was held virtually on August 2. The decision was nearly unanimous, according to the finance minister, since only a few states dissented. The tax on online gambling was challenged by the finance minister of Delhi. Additionally, Goa and Sikkim preferred that the tax be assessed based on gross gaming revenue (GGR) rather than face value.
More than 25% of Delta Corp’s share price has been lost in the past month. The stock is down 11% year to date. At 9:40 in the morning, the BSE share price of Delta Corp was down 4.97% at 187.30 per share.
