Hi! Can anyone please explain in depth and clear cut understanding of "GAMES OF CHANCE (LOTTERY SCHEME)", its conditions and with practical problem with a step by step solution. I cannot understand that one. For your reference i have given you the rate and condition. Take a look please.
Games of Chance Service [Rule 6(7C) of the Service Tax Rule, 1994]
RATE:
Rs 7000/- on every Rs 10 lakh (or part of Rs
10 lakh) of aggregate face value of lottery tickets
printed by the organising State for a draw.
CONDITION:
If the lottery scheme is one where the
guaranteed prize payout is 80% or more.
RATE:
Rs 11000/- on every Rs 10 lakh (or part of Rs
10 lakh) of aggregate face value of lottery tickets
printed by the organising State for a draw.
CONDITION:
If the lottery or lottery scheme is one where
the guaranteed prize payout is less than 80%.
Note : In case of Online Lottery, the aggregate face value of lottery tickets will be the aggregate
value of tickets Sold.
Thanx in advance. Godspeed.
CAclubindia
