What does the 28% GST rate really mean for India’s online gaming startups?

The GST Council has spoken, and the much-debated 28% tax rate has come into effect. In light of this tax, one small startup has already shut shop. The crux — fantasy and real-money gaming startups will need to pay 28% of their revenue as tax, before a 30% TDS for gamers if they withdraw what they win. Under such a high tax slab, can India’s online gaming startups survive? We decode the impact.