homebusiness NewsDream11’s Harsh Jain lauds regulatory measures but says will fight retro GST in court
Dream11’s Harsh Jain lauds regulatory measures but says will fight retro GST in court
In a conversation with CNBC-TV18’s Shereen Bhan, alongside Ashish Hemrajani, co-founder of BookMyShow, and Aakrit Vaish, co-founder of Haptik at the Mumbai Tech Week, Jain also added that he is fighting the retrospective GST tax in court.
The fantasy gaming company, Dream Sports, has been in the eye of the storm due to retrospective GST. Its chief executive, Harsh Jain, stated on Monday, February 19, that while taxes and policies are essential and will contribute to the industry's growth, the transition from an unregulated to a regulated space is painful.
In a conversation with CNBC-TV18’s Shereen Bhan, alongside Ashish Hemrajani, co-founder of BookMyShow, and Aakrit Vaish, co-founder of Haptik at the Mumbai Tech Week, Jain also added that he is fighting the retrospective GST tax in court.
Once that is resolved amicably, he believes there is a lot of headroom for the industry's growth.
He also said, “As an unregulated disruptor, growth can be faster. But too many people are doing too many crazy things in the name of disruption. So, it’s great that regulators are coming.”
“In just a few years, the gaming industry grew from 10 companies to 500. It is painful to go through this transition of regulations as a company. But the government, after hiking taxes almost 3x, will collect about $1.5 billion, which is great,” he explained, adding that as long as the bigger gaming companies are not dying amid these regulations and are moving to a ‘government-approved’ way, it will be great.
Meanwhile, he also shared insights into the performance of the fantasy sports platform, mentioning that the platform added 55 million new users in just 2023.
Also read: Fantasy sports player Dream11 gets 55 million new users in 2023 — 72% from smaller cities
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP holds meeting in Delhi as polling underway for 5th phase
May 20, 2024 4:21 PM
UP Police arrests man after viral videos shows him voting multiple times
May 20, 2024 2:18 PM