Rule 31A : Value of supply in case of lottery, betting, gambling and horse racing
- Value of supply of lottery run by State Governments shall be deemed to be higher of :-
Ø100/112 of the face value of ticket
ØPrice as notified in the Official Gazette by the organising State
- Value of supply of lottery authorised by State Governments shall be deemed to be higher of :-
Ø100/128 of the face value of ticket
ØPrice as notified in the Official Gazette by the organising State
-
- Explanation:-
a)“lottery run by State Governments” means a lottery not allowed to be sold in any State other than the organizing State
- b) “lottery authorised by State Governments” means a lottery which is authorised to be sold in State(s) other than the organising State also.
- c) “Organising State” has the same meaning as assigned to it in clause (f) of sub-rule (1) of rule 2 of the Lotteries (Regulation) Rules, 2010
- Value of supply of actionable claim in the form of chance to win in betting, gambling or horse racing in a race club shall be:
Ø 100% of the face value of the bet or
Øthe amount paid into the totalisator