Govt Stipulates Value of Supply of Lottery Run/ Authorised by State Governments: Amends CGST Rules [Read Notification]

The amendment inserts a new provision, i.e, Rule 31A which stipulates that the value of lottery shall be 100/112 or 100/128 of the price of lottery ticket notified in the Gazette.

It said that a) the value of supply of lottery run by State Governments shall be deemed to be 100/112 of the face value of ticket or of the price as notified in the Official Gazette by the organising State, whichever is higher. (b) The value of supply of lottery authorised by State Governments shall be deemed to be 100/128 of the face value of ticket or of the price as notified in the Official Gazette by the organising State, whichever is higher.

It further provides that the value of exempt supply under sub-section (2) of section 17, shall not include the value of deposits, loans or advances on which interest or discount is earned (This will not apply to a banking company and a financial institution including a non-banking financial company engaged in providing services by way of extending deposits, loans or advances).

It further stipulates the details to be furnished by a registered person, having the same PAN and State code as an Input Service Distributor, while issuing an invoice, a credit or debit note to transfer the credit of common input services to the Input Service Distributor.

To Read the full text of the Notification CLICK HERE