CBIC Notifies Amendment in CGST Rules, 2017 to Prescribe the Valuation of Lottery w.e.f. Mar 01, 2020

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The Central Board of Indirect Taxes & Customs (“CBIC”) has notified Central Goods and Services Tax (Second Amendment) Rules, 2020 vide Notification No. 08/2020 – Central Tax dated March 2, 2020, where –

In the Rule 31A(2) of the Central Goods and Services Tax Rules, 2017 (“CGST Rules, 2017”), the following sub-rule shall be substituted w.e.f March 1, 2020 :-

“(2) The value of supply of lottery 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.

Explanation:– For the purposes of this sub-rule, the expression “Organising State” has the same meaning as assigned to it in clause (f) of sub-rule (1) of rule 2 of the Lotteries (Regulation) Rules, 2010.”

Read more at: http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-08-central-tax-english-2020.pdf