Lottery supply valuation under GST is revised through amended deemed value rules for ticket-based supplies. The Uttarakhand Goods and Services Tax (Second Amendment) Rules, 2020 amend rule 31A of the Uttarakhand Goods and Services Tax Rules, 2017 by substituting the deemed value of supply of lottery as 100/128 of the face value of the ticket or the price notified in the Official Gazette by the organising State, whichever is higher. The definition of organising State is retained by reference to the Lotteries (Regulation) Rules, 2010. The rules are stated to have come into force retrospectively from 1 March 2020.
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Lottery supply valuation under GST is revised through amended deemed value rules for ticket-based supplies.
The Uttarakhand Goods and Services Tax (Second Amendment) Rules, 2020 amend rule 31A of the Uttarakhand Goods and Services Tax Rules, 2017 by substituting the deemed value of supply of lottery as 100/128 of the face value of the ticket or the price notified in the Official Gazette by the organising State, whichever is higher. The definition of organising State is retained by reference to the Lotteries (Regulation) Rules, 2010. The rules are stated to have come into force retrospectively from 1 March 2020.
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