India's Online Gaming Firms Affected by GST Hike, Witness Decline in Profit Margin, Operations Shutdown and Layoffs: Report
Online gaming firms reported a decline in the profit margin, shut down their operations and resorted to layoffs due to the rise in the GST.
Bengaluru, June 21:슬롯 머신 사이트 추천The Indian online gaming companies슬롯 머신 사이트 추천has reportedly taken a hit슬롯 머신 사이트 추천in their profit margin and laid off employees슬롯 머신 사이트 추천due to the GST hike.슬롯 머신 사이트 추천Online gaming companies in India슬롯 머신 사이트 추천reportedly saw a decline in their슬롯 머신 사이트 추천profits, and a majority of these firms said that their share of GST outgo had been 50-100% of their revenues. A report슬롯 머신 사이트 추천said that this information was obtained by a survey conducted by USISPF (US-India Strategic Partnership Forum) during April-May 2024.슬롯 머신 사이트 추천
Deccan Herald슬롯 머신 사이트 추천슬롯 머신 사이트 추천that슬롯 머신 사이트 추천USISPF conducted the survey and that 12슬롯 머신 사이트 추천companies at different stages of operations슬롯 머신 사이트 추천were considered. The슬롯 머신 사이트 추천report highlighted that three of these Indian companies, in terms of share of GST in total revenue, had paid 100% of the revenue and witnessed negative net deposits. On the other hand, five companies슬롯 머신 사이트 추천reported revenue growth슬롯 머신 사이트 추천despite the GST implementation on October 1, 2023, on gaming,슬롯 머신 사이트 추천gambling horse racing, betting, etc.슬롯 머신 사이트 추천Zerodha Kite Down Again: Nithin Kamath-Run Brokerage Firm슬롯사이트™s Kite App Faces Technical Glitch, Users Complain on X, Share Funny Memes.
According to the report, seven companies showed stagnant revenue or a reduction in the top line. The슬롯 머신 사이트 추천two companies슬롯 머신 사이트 추천witnessed up to 50% fall in their revenues. The report슬롯 머신 사이트 추천highlighted that the슬롯 머신 사이트 추천centre had raised the GST rate on these activities to 28% following the GST슬롯 머신 사이트 추천council's recommendations. It also mentioned that it was charged on the total money deposited with any betting or gaming platform.슬롯 머신 사이트 추천Previously, this rate was 18% and was levied on gross gaming revenue on these platforms' fees.슬롯 머신 사이트 추천
According슬롯 머신 사이트 추천to the report, the decline in the profit margin was due to the increase in the GST, which caused companies to implement layoffs, shut down operations, and resort to no-hiring. Since January 2023,슬롯 머신 사이트 추천only two companies have been able to raise funding, compared to the $5,00,000 to $400 million raised until December 2022.슬롯 머신 사이트 추천YouTube Premium Cancellation: Google-Owned Video Platform Starts Cancelling Premium Subscriptions Bought Cheaper in Different Country Using VPN.
The슬롯 머신 사이트 추천survey said that the majority of the companies슬롯 머신 사이트 추천recommended슬롯 머신 사이트 추천amending the GST valuation mechanism to the 'net deposit' model, while others슬롯 머신 사이트 추천advised reducing total withdrawals from total슬롯 머신 사이트 추천deposits for슬롯 머신 사이트 추천Goods and Service Tax.
(The above story first appeared on LatestLY on Jun 21, 2024 01:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).