• Source:JND
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Delta Corp Share Price:  Shares of Delta Corp Ltd surged by over 10% and hares of Nazara Technologies Ltd rose as much as 7% in the intraday trade on Friday after the Supreme Court stayed the GST show cause notice up to Rs 1.12 lakh crore till March 17, 2025. However, shares tanked a bit in a while. At around 12:36 pm, the shares of Delta Corp were trading at Rs 118.70, up 4.77 against the previous day's closing value of Rs 113.30. Till the mentioned time the intraday high of the stock was Rs 131.20 on NSE. 

Meanwhile, the shares of Nazara Technologies erased the gain that they got after the news. At around 12:38 pm, the stock was trading at Rs 968.0, down 2.31 per cent against the previous day's closing price on NSE. The stock opened at Rs 985.0 per share in the morning and soared to hit an intraday high of Rs 1,077.0 per share. However, the stock plunged amid selling.

Supreme Court Stays Show Cause Notice

The Supreme Court has directed that all proceedings under show cause notice be stayed till the final disposition of the case. The ban on GST show-cause notices has raised concerns by the gaming industry that the tax authorities may take coercive action under show-cause notices.

The DGGI filed tax claims worth Rs 1.12 lakh crore against 71 online gaming companies. If penalties are included, the tax demand could rise to Rs 2.3 lakh crore.

An amendment to the CGST Act in August 2023 led to a tax of 28% on the “full face value” of entry payments, this amendment was applied retrospectively from 2017, and a show cause notice was issued to the industry. Gaming companies later opposed the order.

In May 2023, the Karnataka High Court quashed the ₹21,000 crore notice given to Gamescraft. In September 2023, the Supreme Court had stayed the Karnataka High Court order.

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