The GST Council’s decision to impose a 28 percent tax on player deposits in real-money games has caused a significant job loss in India’s skill gaming industry, according to reports. A survey by USISPF of 12 companies in the sector found that some companies have laid off up to 50 percent of their workforce, while others have stopped hiring. The tax hike has also led to challenges in talent retention and acquisition, and has resulted in decreased margins for skill-based companies. Additionally, several skill-gaming companies have laid off employees or shut down their operations in recent months.
Source A2ztaxcorp
Latest Posts in "India"
- Rajya Sabha: 5% GST Retained on Most Assistive Devices for Persons with Disabilities
- Government Strengthens IGST Settlement Framework with New Rules and SOP
- Delhi Notifies GST Tribunal Appeal Filing Timelines
- Supreme Court Upholds CGST ITC Denial If Supplier Fails to Pay Tax
- GSTN Halts Proposed E-Way Bill System Enhancements Until Further Notice
