Lottery GST - GST tax on lottery tickets
GST (Goods and Service tax) is one of the landmark change in indirect taxation in India. GST goes live on July 1, 2017. For a long time, there was unclearity on the effective tax rate for lottery tickets, but this is now resolved by GST council. This article tell about the effective tax rates for different types of lottery tickets.
Lottery GST Tax Rate
As per the latest Government of India rules made by GST council, lottery tickets are being planned to be put under 12% and 26% GST tax regime.
If the lottery being sold is managed by state government, then GST tax rate is 12%. If the lottery is being managed by private parties, the GST tax rate is 28%. जीएसटी काउंसिल ने सरकार को अपनी लॉटरी चलाने के लिए 12 फीसदी का टैक्स स्लैब तय किया है. वहीं प्राइवेट लॉटरी पर 28 फीसदी स्लैब रखा है
Given these different tax slabs, people are expecting that the state lotteries will get a big boost at the cost of private lotteries. Currently state based lottery tickets are being sold by governments of Goa, Sikkim, Punjab and Maharashtra.Category: finance gst