whether vat will be charged on sale of lottery tickets or not & why
Menu
Please reply
Replies (3)
| Originally posted by : vinnzz | ||
 |
VAT is not applicable on sale of lottery tickets. It is kept outside VAT , it will continue to be taxed under the sales tax Act or any other Act or even by making special provision under the VAT Act itself at uniform floor rates decided by the empowered committee. |
 |
| February, 19th 2009 | |
|
The Supreme Court has held that lottery tickets are not goods and thus are not liable for sales tax. Dismissing a couple of appeals by the Kerala government demanding sales tax on lottery tickets, a bench headed by Justice Arijit Pasayat said that lottery tickets are not goods attracting sales tax as they are a mere piece of paper and have no value by themselves. According to it, a lottery ticket is nothing more than a token representing a right to a conditional benefit of winning a prize. "A lottery ticket has no value in itself. It is a mere piece of paper. Its value lies in the fact that it represents a chance or a right to a conditional benefit of winning a prize . It is nothing more than a token or evidence of this right," the apex court observed. The court said there can be no doubt that on purchasing a lottery ticket, the purchaser would have a claim to a conditional interest in the prize money which was not in his possession.
https://www.cainindia.org/news/2_2009/sc_exempts_lottery_tickets_from_sales_tax.html |
Recent Threads
- How Salaried Individuals Can Reduce Capital Gains
- NSTPI registration
- GST PAID IN DELHI
- How to Trade Forex in India?
- TDS - requirement of TDS by individual under presu
- Normal Register in GST in delhi in gujarat no rece
- ITC availment relationship
- Challan confusion in ITR B block return
- U/s 23 (2)(a) and 23 (2)(b)
- Building a Strong Financial Foundation: Key Accoun
Related Threads
CAclubindia
