The higher tax can harm the prospects of the fast-growing industry, gaming companies and industry groups say. Over the past few weeks, the online gaming industry has been on the tenterhooks over a government proposal to increase the goods and services tax. The boom also prompted many venture capital firms to invest millions of dollars in these startups. With that grew the revenue that online gaming firms-most of them startups-generate. The number of gamers surged, as did other metrics such as the number of downloads and time spent on playing games online. This helped the online gaming and esports industry take off all over the world.
Over the last two years as the world went indoors, owing to Covid-induced lockdowns, people took to online gaming in a big way.
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