Tech News

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.

Articles You May Like

Here are the 6 finalists of Startup Battlefield at Disrupt 2023
How to train employees to avoid ransomware
Apple’s Lisa Jackson explains how going carbon neutral by 2030 is good business
New AMBERSQUID Cryptojacking Operation Targets Uncommon AWS Services
Mysterious ‘Sandman’ Threat Actor Targets Telecom Providers Across Three Continents

Leave a Reply

Your email address will not be published. Required fields are marked *