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Publishing Site G2G News Announces Closure

G2G News, an online gaming news portal announced it will closure on its social media handles. The India-based publishing site primarily covered online gaming and has been active for around three years. One of the last articles on the website’s homepage is dated 11th July with no fresh articles published only hints at the fact that the site ceased operation starting today 12^th July.

Check G2G’s Update Below

ANNOUNCEMENT
Since its launch over three years ago, G2G.News has been the ‘go to’ platform for news and content relating to the gaming industry and the website has received enormous support and encouragement from our readers. Unfortunately, however, market conditions have not been favourable for the online media industry, particularly for a portal focused on a niche sector like gaming, which has been going through its share of turbulence in the past year or so.
The management has thus taken a decision to discontinue active operations. We thank our readers and well-wishers for all the support and hope to provide further updates in the near future.
-G2G Team

With this, G2G News joins the list of companies within the real money gaming that have either shut down or announced layoffs. The industry has been reeling under the cloud of shutdowns after 28% GST was implemented starting 1st October 2023. Big names like MPL, Hike, and Spartan Poker have laid off several employees in 2023. The layoffs have impacted more than 400 employees in the three companies, with the repercussions being industry-wide.

Announcement pic.twitter.com/2wDNfqm7Z0

— G2G News (@NewsG2G) July 12, 2024

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ALSO READ: GST Council Offers No Relief For The Online Gaming Industry

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The 28% GST on initial deposits increases the tax burden by around 400% on the online gaming industry. Several states have asked for a review of this GST charge. Industry entities have spoken about this and were hopeful the tax rate would be discussed at the GST Council Meeting. However, Finance Minister Nirmala Sitharaman later revealed that the discussion was not a part of the agenda.

The Indian poker community has gone through a lot, with the game still not legal in several states. The Government of Nagaland was the first state to give an online gaming license to an online poker company, only in 2016. While that was a step in the right direction, the hefty GST rate reflect the problems looming over online gaming. The only hope lies with the GST Council if they take up the agenda of reviewing the 28% GST implied on the online gaming industry in their next meeting.

For more updates from the online gaming industry, keep reading GutshotMagazine.com. Follow us on Facebook, Instagram, Twitter  and Telegram.

 

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