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'New GST rate has sent sector back by months'
Mint Mumbai
|January 24, 2024
The gaming industry had an eventful 2023. First, the ministry of electronics and Information Technology (MeitY) emerged as its nodal ministry, offering a clear, designated channel for industry interaction. Then came a big setback with the sharp increase in GST rate.
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In an exclusive interview, Bhavin Pandya, co-founder and co-CEO of Games24x7, discussed the government's apprehensions, the industry's quest for regulations, repercussions of the tax rise, investor outlook, and the pathway for future growth amid perception hurdles. Edited excerpts:
How would you describe the events of last year and their impact on the gaming industry?
We started 2023 with the clarity that Meity is our nodal ministry. That was a significant development for us. Finally, we had a body to go to with our thoughts, concerns and questions. The change in TDS (tax deducted at source) and the creation of a new section for the online gaming industry was also a progressive step for this technology-driven entertainment sector.
Dit verhaal komt uit de January 24, 2024-editie van Mint Mumbai.
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