Central Board of Indirect Taxes and Customs(CBIT) vide notification dated the 2nd March, 2020, has issued the Central Goods and Services Tax (Second Amendment) Rules, 2020. The Amendment redefines the criteria to determine the the value of supply of lottery.
As per the new Sub rule 2 of rule 31A added by the amendment, “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 Organizing State, whichever is higher.”
The amendment shall be effective from 1st March, 2020.
Click here to read the Amendment.
