Roll of dice: Shake-up ahead in the online gaming industry if 28% GST sees the light of day
Synopsis
Several online gaming startup owners have said that the exorbitant 28% GST could force them to shut shop. ET Prime analysed 100 companies, their financials, and funding position to understand their survivability and found that only a fifth could weather the storm. The rest are hoping for some good news from the next GST Council meeting slated for August 2.
A ‘potential write-off of USD2.5 billion’. This is the eye-watering amount that venture-capital investors in the online gaming space say they are likely to endure if the government approves the GST rate of 28% on the industry. Two dozen global and domestic fund houses — led by Peak XV Partners, Tiger Global, DST Global, Steadview and others — wrote to the Centre last week informing it about the possibility of losing the above money and further
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