Lottery supply valuation rule revised by deeming taxable value against ticket face value or notified price, whichever is higher. The Uttar Pradesh Goods and Services Tax Rules, 2017 were amended to revise the valuation rule for supply of lottery. The value of supply of lottery is deemed to be 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 amendment applies from 1 March 2020, and the term Organising State has the meaning assigned under the Lotteries (Regulation) Rules, 2010.
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Lottery supply valuation rule revised by deeming taxable value against ticket face value or notified price, whichever is higher.
The Uttar Pradesh Goods and Services Tax Rules, 2017 were amended to revise the valuation rule for supply of lottery. The value of supply of lottery is deemed to be 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 amendment applies from 1 March 2020, and the term Organising State has the meaning assigned under the Lotteries (Regulation) Rules, 2010.
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