The Goods and Services Tax Council’s decision to levy a 28% tax on real money online gaming industry will lead to an impairment of $2.5 billion of investment made in the segment, a group of 30 Indian and foreign Investors said in a joint letter to Prime Minister Narendra Modi.
In a letter dated July 21, leading Investors Including Peak XV Capital, Tiger Global, DST Global, Bennett, Coleman & Company Limited, Alpha Wave Global, Chrys Capital, Lumikai etc have sought the Prime Minister’s intervention in the decision of GST Council which is expected to hit prospective investment to the tune of $4 billion in the next 3-4 years.