India Cricket team Sponsors Dream11 Need to Pay 28% GST
Online gaming or gambling applications are certainly earning a lot, and at the same time, they are also very addictive. Some of these brands like Dream11 and Mycircle11 are also promoted by the top Indian players. Dream11 is also the sponsor of the India Cricket team. On Tuesday, the 50th Goods and Services Tax(GST) Council meeting happened, and in that, it was decided that 28% GST is going to be imposed on online gaming. This shows that the sponsor of the Indian team, Dream11, would also need to pay 28% GST. This is certainly going to affect the profit of Dream11.
Also read: TNPL 2023 SS vs SMP Dream11 Team: Salem Spartans vs Siechem Madurai Panthers
The Fate of Indian Sponsors:
This is not the first time that a company’s profit has got affected after becoming the sponsor of the Indian Cricket team. This shows that becoming the sponsor of the Indian Cricket Team is not always profitable for the companies.
Sahara
In the year 2014, the founder of Sahara, Subrata Roy was sent to Jail. That is because the debt of Sahara went up to Rs 40,000 Crore. It was founded in 1978, and at that time the owner would not have imagined that this might happen someday.
Oppo
Oppo was certainly getting the benefit after becoming the sponsor of the Indian Cricket team. But later on, its profit went down, due to the boycott China movement. It was said that 97% of Indians took the resolution of boycotting the Oppo phone.
Byjus
Byjus went through a huge amount of loss after becoming the sponsor of the Indian Cricket Team. This company started the layoff process to avoid the loss, but that didn’t work. Some reports say that the losses went 10 folds up.
And now it looks like Dream11 is going to go through the same phase. Let’s see for how long Dream11 will be able to hold the pride of being the sponsor of the Indian Cricket Team.
