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Tuesday, April 23, 2024

High-profile investors ask India PM Modi to reconsider tax on online gaming

Tiger Global, DST Global, Peak XV, Steadview Capital, and Kotak Private Equity are among global and Indian investors who have asked the India’s Prime Minister Narendra Modi to reconsider the recently announced taxation on online gaming.

“The decision of the 50th GST Council has the unintended consequence of equating the constitutionally protected legitimate online skill gaming industry with gambling, betting and other “games of chance,” the investors wrote in a letter to the Prime Minister of India on Friday.

“We invested in this sector with the vision to make India the gaming capital of the world, which would help in generating, among other things, high-skilled jobs, billions in foreign capital and make the country a net exporter of innovation in gaming and allied areas such as animation, artificial intelligence and visual effects,” said the letter, titled “urgent prayer.”

More to follow.

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