THE IMPOSITION OF 28% GST on online and fantasy gaming will have a massively negative effect on the sector, said Joy Bhattacharya.
The Director General of Federation of Indian Fantasy Sports (FIFS), which is a collective that includes the likes of Dream11, A23 and dozens of other fantasy sports platforms, spoke out about the GST Council's decision on a TV programme, saying,
“This decision will have a chilling effect on the $2.5 billion of FDI already invested by investors and potentially jeopardise any further FDI in the sector."
Bhattacharya, a leading figure in Indian sports ventures, is not the only major voice to speak against the government's decision. Other prominent figures have also claimed that it may kill online gaming in India.
Meanwhile, Roland Landers, the CEO of All India Gaming Federation, has also strongly spoken out against this measure,
“We believe this decision by the GST Council is unconstitutional, irrational, and egregious. The decision ignores over 60 years of settled legal jurisprudence and lumps online skill gaming with gambling activities. This decision will wipe out the entire Indian gaming industry and lead to lakhs of job losses and the only people benefitting from this will be anti-national illegal offshore platforms.”
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