Valuation of lottery tickets set by rule: deemed fraction of face value or the higher notified price governs taxable value. The amendment substitutes the valuation provision for lottery supplies so that 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 in the Official Gazette by the Organising State, whichever is higher, and retains the definition of Organising State as given in clause (f) of sub rule (1) of rule 2 of the Lotteries (Regulation) Rules, 2010.
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Provisions expressly mentioned in the judgment/order text.
Valuation of lottery tickets set by rule: deemed fraction of face value or the higher notified price governs taxable value.
The amendment substitutes the valuation provision for lottery supplies so that 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 in the Official Gazette by the Organising State, whichever is higher, and retains the definition of Organising State as given in clause (f) of sub rule (1) of rule 2 of the Lotteries (Regulation) Rules, 2010.
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