Delta Corp GST demand order: ₹116.43 cr in 2026

What happened

Delta Corp Limited and its subsidiaries have received GST demand orders totalling ₹116.43 crore from the Additional Commissioner, Central GST, Goa Commissionerate. The orders are dated September 25, 2026, and cover the period from July 2017 to March 2022. The demand relates to differential tax payments linked to the company’s casino operations. Delta Corp said it is evaluating the orders and may file appeals.

Orders issued by Goa CGST for 2017-22 period

The company disclosed that the demand has been raised on Delta Corp and two subsidiaries: Hightstreet Cruises and Entertainment Private Limited (HCEPL) and Delta Pleasure Cruise Company Private Limited (DPCCPL). The dispute, as described, is tied to GST treatment on casino-linked items classified under actionable claims and also on mixed supplies. The orders set out tax shortfalls, and the authority has also levied interest and penalties on parts of the alleged differential GST.

Break-up: actionable claims and mixed supplies

The stated demand includes ₹79.32 crore linked to actionable claims and ₹37.11 crore linked to mixed supplies. The actionable claims component is distributed across the parent entity and the two subsidiaries. The mixed supply component is also split across the same entities, including an amount disclosed in lakhs for DPCCPL.

GST demand break-up disclosed by the company

Penalty under CGST Section 74

The authority imposed a penalty of ₹37.11 crore under Section 74 of the CGST Act for the mixed supply shortfall, as stated in the disclosure highlights. Section 74 is typically invoked where tax is alleged to be short paid. The company has not said it has accepted the findings, and it indicated it is evaluating the orders and considering appeal options.

Interest at 18% per annum from October 1, 2023

Along with the tax demand, the authority levied interest at 18% per annum on the differential GST amounts for actionable claims. The interest period disclosed is from October 1, 2023 until payment. This interest component can change depending on when any amount is paid and whether the company obtains relief during the appellate process.

Where the dispute sits within Delta Corp’s business

Delta Corp is an India-based company involved in casino gaming and has a presence in Goa and Sikkim. The disclosure notes that proceedings related to the company’s Sikkim casino remain pending. The company is also described as the flagship group company and the only listed entity in India engaged in the casino gaming industry.

Company response and next steps

Delta Corp said it is evaluating the orders and may file appeals. Beyond this, no specific timeline for appeal was provided in the text shared. For investors, the next concrete triggers are likely to be any formal appellate filings, interim relief (if granted), and further updates on the pending Sikkim proceedings, whenever disclosed.

Stock and shareholder snapshots around the disclosure

On September 25, 2026, Delta Corp’s share price was reported at ₹76.84 (close/last) and was shown as up about 5.72% to 5.73% in the data provided. Separately, the stock was noted to have seen a surge in trading volume on September 24, 2026, with nearly 1 crore units exchanging hands. The company is described as a mid-cap with a market capitalisation of ₹2,057.55 crore (as stated in the supplied text).

Dividend detail for FY26

Shareholders approved a final dividend of ₹0.50 per equity share for the financial year ended March 31, 2026, at the company’s 35th Annual General Meeting. The dividend table data provided also lists an ex-date of 17 Aug, 2026 and a record date of 17 Aug, 2026 for this final dividend.

Shareholding pattern snapshot (June 2026)

The shareholding table provided shows promoters at 34.47% as of June 2026, with no pledge indicated. It also shows FII at 1.18%, DII at 0.24%, mutual funds at 0.24%, and others at 64.11% for June 2026. These figures provide context on the ownership mix while the company deals with tax-related litigation and compliance matters.

Why the GST order matters for investors

The disclosure is material because it quantifies alleged GST shortfalls over a long assessment period (July 2017 to March 2022) and sets out both tax classification issues (actionable claims and mixed supplies) and the cost additions through interest and penalties. The interest rate disclosed, 18% per annum, can raise the overall outgo if disputes extend. The penalty of ₹37.11 crore under Section 74 also signals that the department has taken a strict view on the mixed supply aspect.

What to watch next

Investors will track whether Delta Corp and its subsidiaries file appeals against the September 25, 2026 orders and what relief, if any, is obtained during the process. Updates related to the pending Sikkim casino proceedings will also remain important because they can affect the regulatory and tax overhang. For now, the key confirmed facts are the demand orders, the break-up between actionable claims and mixed supplies, and the stated interest and penalty terms.