Composite amount of tax for lottery provides per aggregate-face-value charges as an alternative to ad valorem service tax. Distributors or selling agents may either pay ad valorem service tax on the gross amount under section 66B or elect the composite amount of tax under the ... Summary
Composite amount of tax for lottery provides per aggregate-face-value charges as an alternative to ad valorem service tax.
Distributors or selling agents may either pay ad valorem service tax on the gross amount under section 66B or elect the composite amount of tax under the Service Tax Rules. The composite scheme prescribes fixed charges per aggregate face value of lottery tickets for each draw, with different rates depending on whether the guaranteed prize payout is above or below an 80% threshold. For online lotteries, aggregate face value means the value of tickets sold; "draw" and "online lottery" follow definitions in the Lottery (Regulation) Rules, 2010.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
