Ashneer Grover had recently launched his own fantasy gaming named Crickpe
GST Council has decided that online gaming, casinos, and horse racing will be taxed at 28%
Ashneer Grover had recently launched his own fantasy gaming named CrickpeGST Council has decided that online gaming, casinos, and horse racing will be taxed at 28%
PremiumBharatPe co-founder Ashneer Grover on Tuesday slammed the government for imposing 28% GST on the online gaming industry. Ashneer Grover said that the move will murder the fantasy gaming industry and it is time for entrepreneurs to enter politics or else the government will do the same for every industry.
Ashneer Grover had recently launched his own fantasy gaming named Crickpe which allowed users to create a virtual team of the best in-form real players, join the contests, and earn points per their actual game performance.
"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 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," Ashneer Grover said in a tweet.
"GST Council has decided that online gaming, casinos, and horse racing will be taxed at 28 percent at the entry point on the full face value of bets," West Bengal finance minister Chandrima Bhattacharya while informing about the decision of GST council.
Setback for fantasy gaming industry
The decision of the GST council will be a huge dent for the fantasy gaming industry which was expected to cross ₹25,000 in revenue by 2027.