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Ashneer Grover Calls Proposed GST Bill As ‘Existential Issue’ For The Gaming Industry 

One of the most recognised entrepreneurs in India, Ashneer Grover, shared a post on his official Twitter account. The business tycoon, who recently ventured into the fantasy gaming industry with his app CrickPe explained the effect of the new GST rate on online gaming to the industry. He was also seen sharing his thoughts on the matter and how it could impact the growing industry.

Breaking down the new proposed reforms, Grover goes on to explain how a winner could be looking at a scenario where they will have to pay double the tax and TDS in a two-person game. The BharatPe co-founder shared that there will be a 1,300% increase in GST payable on winners’ gross income in the games from here on.

Ashneer Grover comments on proposed GST bill 

Questioning why a gamer will continue to play online real money games, he said, “This has become an existential issue for the gaming industry.” Grover backs it up by stating how the platforms will now be able to give only half of what they were supposed to earn. 

Speaking about the domino effect it will have, Grover adds how such a scenario will lead to a decline in player count and less revenue for companies in the real money gaming industry, which will ultimately end up with the government earning less tax revenue. 

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The IIM Ahmedabad alumni also compared the GST charged on brokerage in stocks and mutual fund investments with the suggested change in GST charges on online gaming. 

He ends the video by asking the government officials to conduct a meeting with all the gaming industry officials and understand their perspective before finalising the GST bill on online real money gaming companies.

 

Gaming pe 28% GST par gaming industry ka PoV. @AIGFofficial #gamingnotbetting pic.twitter.com/mx7WTorM7P

— Ashneer Grover (@Ashneer_Grover) July 20, 2023

After working with multiple unicorns, Ashneer Grover ventured into the gaming industry with his latest company, named the Third Unicorn. He announced the launch of a fantasy gaming app in March 2023 while stating how it will be much more than that. However, he might take a pivot citing the new proposed change in GST rates. It remains interesting to see what the future of the industry holds and whether the government will meet up with industry officials and look for a solution. 

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