WinZo flags GST concerns as growth rate takes a hit

THE GOODS AND services tax (GST) levied on online gaming platforms should be on their revenues, and not on deposits made by customers in platform wallets, WinZo co-founder and chief executive Paavan Nanda told FE, as the company's growth rate slowed in FY24.

- URVI MALVANIA

The company's growth is likely to be stymied further in FY25, when the full impact of the higher GST rate of 28% will be felt. The new GST regime came into force in October 2023, resulting in a partial impact on the gaming platform's FY24 financials. WinZo reported a net revenue of ₹1,055 crore in FY24, up 70% year-on-year from ₹619 crore.