Definition changes for Government and exclusions for transaction-in-money clarify taxable scope for lottery and chit fund services. Amendments to section 65B amend definitions and exclusions: omissions of certain clauses and removal of the alcoholic liquors reference; insertion of ... Summary
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Definition changes for Government and exclusions for transaction-in-money clarify taxable scope for lottery and chit fund services.
Amendments to section 65B amend definitions and exclusions: omissions of certain clauses and removal of the alcoholic liquors reference; insertion of definitions for foreman of chit fund, lottery distributor or selling agent, and a narrowed Government definition excluding entities not required to keep accounts under article 150; and substitution of Explanation 2 to exclude specified conversion-of-money activities and facilitation services by lottery distributors and foremen of chit funds from the expression "transaction in money or actionable claim."
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