INCOME TAX SCENARIO :
1). TDS u/s 194BB of the Income Tax Act 1961 @ 30% is levied if the Winning Amount is Rs. 10,000 or more.
2). Now the Assessee has to declare this Income in his ITR under the head "INCOME FROM OTHER SOURCES" and the same is taxable @ 30% u/s 115BB without any basic exemption limit and Chapter VI A.
GST SCENARIO :
Lottery, Betting and Gambling is treated as a "SUPPLY u/s 7 of the CGST Act 2017". Now the GST Rate on Betting is 28%.
I'm I right ????
Kindly confirm Experts ASAP...
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