Valuation of lottery tickets revised: GST now applies using a prescribed deemed value or notified price, whichever is higher. With effect from 1 March 2020, the value of supply of lottery is deemed to be 100/128 of the face value of the ticket or of the price as notified by the Organising State, whichever is higher. The term 'Organising State' has the same meaning as in clause (f) of sub rule (1) of rule 2 of the Lotteries (Regulation) Rules, 2010.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Valuation of lottery tickets revised: GST now applies using a prescribed deemed value or notified price, whichever is higher.
With effect from 1 March 2020, the value of supply of lottery is deemed to be 100/128 of the face value of the ticket or of the price as notified by the Organising State, whichever is higher. The term "Organising State" has the same meaning as in clause (f) of sub rule (1) of rule 2 of the Lotteries (Regulation) Rules, 2010.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
