Value of supply rules for lottery, betting and gambling apply a special deemed valuation basis for GST purposes. Value of supply for lottery, betting, gambling and horse racing is governed by a special valuation rule overriding the general provisions of the Chapter. Lottery supply is deemed to be 100/140 of the face value of the ticket or the price notified in the Official Gazette by the Organising State, whichever is higher. In betting, gambling, or horse racing in a race club, the value is 100% of the face value of the bet or the amount paid into the totalisator. The explanation adopts the meaning of 'Organising State' from the Lotteries (Regulation) Rules, 2010.
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Provisions expressly mentioned in the judgment/order text.
Value of supply rules for lottery, betting and gambling apply a special deemed valuation basis for GST purposes.
Value of supply for lottery, betting, gambling and horse racing is governed by a special valuation rule overriding the general provisions of the Chapter. Lottery supply is deemed to be 100/140 of the face value of the ticket or the price notified in the Official Gazette by the Organising State, whichever is higher. In betting, gambling, or horse racing in a race club, the value is 100% of the face value of the bet or the amount paid into the totalisator. The explanation adopts the meaning of "Organising State" from the Lotteries (Regulation) Rules, 2010.
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