Delta Corp shares fell sharply by around 4% after the Centre, during a Supreme Court hearing, argued that online gaming companies should be treated as “suppliers” under GST law, as reported by Moneycontrol. The government began presenting its rejoinder to arguments made by the gaming companies, focusing on two key points — the classification of these firms under Section 2(105) of the CGST Act and the issue of HSN codes.
The Centre stated that online gaming platforms qualify as “suppliers of goods and services,” which makes them “taxable persons” under the GST regime. It also rejected the argument that payment of GST is contingent on the existence of an HSN (Harmonized System of Nomenclature) Code for the services provided.
Delta Corp, which has exposure to the gaming sector through its online and casino operations, saw its stock decline in reaction to the developments.
Delta Corp shares traded between ₹82.00 and ₹87.97 today, showing intraday volatility. The stock opened at ₹86.50, slightly lower than the previous close of ₹85.86. It remains above its 52-week low of ₹76.66 but well below the 52-week high of ₹142.18.
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