The Goods & Service Tax Council recently announced the decision to levy a tax of 28% on online gaming, horse racing, and casinos. However, the companies involved in the industry have shown their disappointment with the decision saying that this will impact the investment and cash flow of the business.
Taking a jibe at the decision by the government, Shaadi.com founder Anupam Mittal slammed the move saying that “Companies now should build the rockets rather than investing in gaming.” Mittal, taking a dig at the rising prices of tomatoes in the country, said, “People should rather invest in vegetables instead of cryptocurrency.”
Taking it to Twitter, the celebrity judge, Anupam Mittal said, “Latest lessons – stop gaming, start building rockets, move money from crypto to tomatoes 👾🚀🍅”
Before this, another Shark Tank judge, Ashneer Grover also slammed the government’s decision for an increase in the percentage of GST on online gaming. Notably, Grover also launched his fantasy game ‘Crickpe’ this year.
In a tweet, Grover mentions, “RIP – Real money gaming industry in India. 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 a free swimming pool in their living room come the first monsoon – not happening ! It was good fun being part of the fantasy gaming industry – which stands murdered now. $10 Bn down the drain in this monsoon. Time for startups Founders to enter politics and be represented – or this is going to be spate industry after industry.”
The All India Gaming Federation (AIGF), which represents companies like Nazara, GamesKraft, Zupee, and Winzo, called the decision ‘unconstitutional, irrational, and egregious’.
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