homevideos Newsstartup NewsGames24x7 says 28% GST on entire entry fee will make the business unviable
Games24x7 says 28% GST on entire entry fee will make the business unviable
Online gaming industry is waiting to have a detailed regulatory framework and some clarity on taxation from GST council for better operations. Industry player Games24x7's Co-Founder and Co-CEO Bhavin Pandya in an exclusive interaction with CNBC-TV18 said 28 percent GST on entire entry fee will make the business unviable.
Online gaming platform Games24x7 on Tuesday28 percent GST on the entire entry fee will make the business unviable.
This comes after the online gaming industry is waiting to have a detailed regulatory framework and some clarity on taxation from the GST Council for better operations.
In an exclusive interview with CNBC-TV18, Games24x7's co-founder and co-CEO Bhavin Pandya said, "Currently, we pay 18 percent GST on the revenue that we generate from providing the service. We welcome the 28 percent GST if it’s on the revenue that we generate."
"If they are going to levy the GST on the entire entry fee which is the amount that I am playing for, then that will make the business unviable for the industry," Pandya added.
Also, Shaily Garg, CEO of GlobalFair spoke about how the company plans to utilise its Series-A fundraising of $20 million.
Watch the video for more.
First Published: Nov 1, 2022 9:43 PM IST
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