if a person won prize money from a TV show, then he will liable to pay any GST???
need in urgent..
pls help in This regard
Replies (10)
Quick Summary
This discussion clarifies whether GST is applicable on prize money won from TV game shows. The consensus is that GST is generally not applicable as it's not considered a 'supply' under the CGST Act. Instead, winnings are typically subject to Direct Tax at a flat rate of 30.2%. Participants should declare this income under the 'exempted turnover' or 'non-GST' column in their returns.
What if iam an actor I have participated in a game show for some consideration, then I will receive both remuneration, if I won I will prize money.. IAM paying gst on remuneration.. in this case whether prize money is taxable???
Leave a Reply
Your are not logged in . Please login to post replies