GST impact: Mobile Premier League to slash 350 jobs
₹16,000 crore). As per their MCA filings, M-League Private Limited, the Singapore-based parent company that owns MPL, spent $92 million or ₹752 crore on advertising and promotional expenses in FY22, which was an 81% increase over FY21.
This rise in spend majorly contributed to its losses rising 3X over FY21 to $149 million in FY22. Last week, the government's GST Council decided not to roll back the 28% GST on the sector.
To prevent or pre-empt these companies from moving base offshore, in order to protect their customers from paying the increased GST burden, the Council has recommended that even offshore entities offering such online money gaming to Indian consumers have to register and are liable to pay GST. Gaming companies said this could set the industry back heavily.
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