Ashneer Grover slams govt over 28% GST on online gaming: 'Time to enter politics or....'
₹100 to play on ₹72 pot entry (28% Gross GST); and if they win ₹54 (after platform fees)- they will pay 30% TDS on that - for which they will get free swimming pool in their living room come the first monsoon - not happening ! It was good fun being part of the fantasy gaming industry - which stands murdered now. $10 Bn down the drain in this monsoon.
Time for startups Founders to enter politics and be represented - or this is going to be spate industry after industry," Ashneer Grover said in a tweet. "GST Council has decided that online gaming, casinos, and horse racing will be taxed at 28 percent at the entry point on the full face value of bets," West Bengal finance minister Chandrima Bhattacharya while informing about the decision of GST council.
The decision of the GST council will be a huge dent for the fantasy gaming industry which was expected to cross ₹25,000 in revenue by 2027. “The industry’s growth can be attributed to a combination of infrastructural and market-led factors.
Improving digital infrastructure, long cited as a driver for India’s economy, is seen to amplify in impact every year. This has also led to an increase in digital payments," a joint report by Deloitte and the Federation of Indian Fantasy Sports (FIFS) said.
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