Ashneer Grover, the Co-Founder of BharatPe, has expressed his concerns regarding the recent 28% GST levy on the online gaming industry. He believes that this move by the government could severely impact the real money gaming market in India and has criticised the decision.
Grover took to Twitter to condemn the government over the tax hikes. He tweeted that the real money gaming industry in India will be ruined by new taxation.
Why is the Govt being Slammed by the Industry for 28% GST on Online Gaming
Grover tweeted, “If the govt is thinking people will put in ₹100 to play on ₹72 pot entry (28% Gross GST); and if they win ₹54 (after platform fees)- they will pay 30% TDS on that – for which they will get free swimming pool in their living room come the first monsoon – not happening!”
Grover further tweeted that “It was good fun being part of the fantasy gaming industry – which stands murdered now. $10 Bn down the drain in this monsoon.”
In his tweet, he suggests that startup founders should consider entering the political sphere to ensure their voices are heard during the policy-making process.
Notably, this tweet also arrives after he recently announced his Fantasy Sports title, Crickpe. It is similar to other Fantasy apps and lets you build a virtual team with players of your choosing and earn rewards based on their real-life performance.