FINANCIAL INDUSTRY EXPERTS, especially those with experience in internet-based companies, have spoken out in opposition of the government's decision to impose a 28% GST on online gaming, which includes fantasy sports.
Ashneer Grover, founder of BharatPe, claimed that the fantasy gaming industry "stands murdered now" due to this decision. He commented in a tweet, "$10 billion down the drain in this monsoon."
Sumit Gupta, who helms the crypto exchange CoinDCX compared the GST on the recent taxation on crypto transactions and strongly opposed the government's move, saying that this policy of higher taxation would hurt startups.
However, other people who are into fantasy sports are asking the consumers not to panic, saying the extra burden would be mitigated by the apps and the effect on the players would not be that great.