Jobs Cuts: Important Announcement! 350 people have now been let go by this firm, it was stated
Goods and Service Tax: In an email to staff, Mobile Premier League (MPL) co-founder Sai Srinivas stated that last week it was made clear that 28 percent GST will be assessed on entire value rather than all gaming income.
MPL Layoffs: Following the GST Council's imposition of a 28 percent GST on online gaming last week, online gaming app firms are seeing a significant increase in layoffs.
sports platform online Following the hike in GST, the Mobile Premier League fired roughly 350 employees in an effort to reduce costs. This is only half of the company's Indian team's size. This was said in an internal email sent out by the business.
GST will be based on the whole price
The GST Council has voted to apply a 28 percent GST (Goods and Services Tax) on all wagers made on online poker, casinos, and horse races. In an email to staff members, Mobile Premier League (MPL) co-founder Sai Srinivas stated that last week it was made clear that 28 percent GST will be assessed on the complete value rather than the total gaming income.
One can set up their business for 50% or 100% growth. However, we must make some difficult choices in order to accommodate for this unexpected tax hike.
continual attention on cheapness
According to Srinivas, since we are a digital firm, our key variable expenditures are personnel, servers, and office-related equipment. Therefore, he said, we must take action to lower these costs in order to thrive in the market and maintain our viability as a company. The process of renegotiating the price of our server and office infrastructure has already begun.
decrease labour expenses
Nevertheless, Srinivas continued, "We still need to lower the cost related to our personnel. We regret having to say goodbye to around 350 of you. It is a terrible decision since it will have an impact on many of our friends and coworkers. A message addressed to MPL through email went unanswered.
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