Gaming investors: 28% GST to destroy industry

NEW DELHI: Top investors in the Indian gaming industry, including Tiger Global Management, Peak XV Partners, Chrys Capital and Kalaari Capital, knocked the doors of the Prime Minister’s Office (PMO) against the GST Council’s decision to approve a 28% tax on the full value of players contest fee. They claimed that the move will lead to “destruction” of the sector and result in job losses and withdrawal of investments worth billions of dollars.

“The aforementioned decision, which has caused shock and dismay, will substantially and meaningfully erode investor confidence in the backing of this or any other sunrise sector in the Indian tech ecosystem,” the investor community said, claiming that $2. 5 billion capitalalready invested in the sector would need to be written off.