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List Of Companies Affected Or Shut Down Because Of 28% GST On Real Money Gaming

List Of Companies Affected Or Shut Down Because Of 28% GST On Real Money Gaming: The online real money gaming industry has experienced significant growth in recent years. Unfortunately, the GST Council’s recent decision to impose a high 28% GST on online gaming has caused widespread concern throughout the industry.

This piece explores the consequences of a particular decision from an industrial perspective. We provide a list of companies that have been negatively impacted, some of which have even been forced to shut down.

Imapact Of 28% GST On RMG

Hike’s Rush Gaming Universe (RGU): Workforce Hit Hard

Hike’s RGU is a big part of the real money gaming world. But because of the new tax rules, the firm has landed in trouble. The company had to do something hard – they had to lay off around 55 workers. That’s a lot – about 22% of their workers. This shows that the sudden increase in GST is affecting people’s jobs right away.

MPL’s Workforce Reduction

Bengaluru-based Mobile Premier League (MPL), once a thriving player in the real money gaming market, has been forced to make the painful decision of laying off 350 employees. The sudden increase in tax rates has affected the company’s operations and resulted in a substantial loss of jobs, contributing to the growing unemployment crisis.

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ALSO READ: Government’s Decision To Withhold 28% GST On Online Gaming Paving The Way For Illegal Betting?

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Dream11’s Dismal Outlook

Dream11, a big company in online fantasy sports, is getting ready for a difficult financial year. The company thinks its operating profit will go down by a lot – about 80% – in the year 2024. This is because of a decision by the GST Council. Dream11 hasn’t revealed what it plans to do next. The fact that such a well-known company hasn’t announced yet shows that things are uncertain and hard for the industry because of the new tax rules.

The Fall of Quizy

The story of Quizy, a once-promising gaming startup, is sad. The blow dealt by the government’s decision to impose a 28% GST on online gaming has proven fatal for this company. Unable to cope with the financial burden, Quizy has made the heart-wrenching announcement of shutting down its business. This highlights how the policy decisions can lead to the demise of promising ventures.

Conclusion

The imposition of a 28% GST on real money gaming has undoubtedly taken a toll on the industry. The stories of companies like Hike’s RGU, MPL, Dream11, and Quizy illustrate the human cost of policy decisions which lead to layoffs, financial distress, and even the shutting down of businesses.

This article reminds us that taxes are really important for any economy. But before making big decisions about taxes, the people in charge need to think about how it might affect industries, jobs, and people’s lives.

The problems which online real money is facing could show that there’s a bigger issue. This issue is about finding the right balance between laws imposed by the government and creating an environment for businesses to flourish.

For more fantasy sports news and poker promotions, keep reading GutshotMagazine.com. Follow us on Facebook, Instagram, Twitter, and Telegram.

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