UtterAI Test Widget
MPL Poker
Want To Collaborate For Our Upcoming Print Magazine?
A23 Poker
Ashneer Grover Calls Proposed GST Bill As ‘Existential Issue’ For The Gaming Industry  Poker
Smit Trivedi
Posted on 21 Jul, 2023
By Smit Trivedi
On 21 Jul, 2023
Share
By Smit Trivedi
On 21 Jul, 2023
Share

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. 


ALSO READ: Alan Keating Misreads His Fives As Deuces, Calls A 100K Raise


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.

 

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. 

For more news and updates, keep reading GutshotMagazine.com. Follow us on FacebookInstagramTwitter, and Telegram.

GGPoker Banner


Tagged : 

More News

Gameskraft Foundation and Inspire Institute of Sport Join Hands for India's Sporting Champions
Gaming
22 May,2023 

Gameskraft Foundation and Inspire Institute of ...

Wynn Stocks See An Uptick Post Barclays Upgrade
Casino
19 May,2023 

Wynn Stocks See An Uptick Post Barclays Upgrade

Yudiz Solutions Set To Launch Multi-Gaming Platform And Gaming Studio Ahead Of IPO
Gaming
25 May,2023 

Yudiz Solutions Set To Launch Multi-Gaming Plat...


Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Natural8 India

Top 15 Poker Rooms