ET had reported exclusively that investors were planning to write to the government flagging their concerns over the GST Council’s decision. Investors that have signed the letter include Peak XV Partners (formerly Sequoia Capital India), Tiger Global Management, DST Global, ChrysCapital, Kalaari Capital and Alpha Wave Global. Bennett, Coleman & Company Limited, which publishes ET, is also a signatory to the letter.
The investors have also sought a meeting with Prime Minister Modi or officials at the Prime Minister’s Office to elaborate their concerns.
ETtechThe letter put forth global examples of countries such as the UK, the US and France to suggest how the levy on the full face value has led to “destruction of the sector”, including several startups.
“We submit most humbly, that this deleterious impact on the industry is expected to result in loss of over 50,000 high skilled jobs and a further loss of livelihood opportunity for over one million Indian citizens who are indirectly associated with this industry,” it added.
Discover the stories of your interest
The investors also pointed out that the GST Council’s decision has an “unintended consequence of equating the constitutionally protected legitimate online skill gaming industry with gambling, betting and other games of chance”.
For all the latest Technology News Click Here
