Shares of gaming company Delta Corp plunged as much as 16% to an intraday low of Rs 68 on the BSE on Friday after the Supreme Court upheld the government’s retrospective 28% GST levy on online gaming companies.
The apex court on Wednesday ruled in favour of the government’s position, holding that online gaming platforms cannot be treated merely as intermediaries and that such activities amount to actionable claims under GST law. The court also said that the amendments validating the levy were clarificatory in nature and would apply retrospectively.
