Renew Your Membership by 31st October 2024! Renew Now!

December 2010

Optional Composition Scheme for Distributor/Selling Agent of Lottery Notification No. 49/2010-ST, dated 8-10-2010.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
Reading Time 1 mins
fiogf49gjkf0d

New Page 1

Part B : INDIRECT TAXES


 

SERVICE TAX UPDATE

22. Optional Composition Scheme for Distributor/Selling Agent
of Lottery Notification No. 49/2010-ST, dated 8-10-2010.

Under the lottery or lottery scheme, where the guaranteed
prize payout is more than 80%, a distributor or selling agent can opt to pay
flat service tax of Rs.6000 and where the guaranteed prize payout is less than
80%, he can opt to pay flat service tax of Rs.9000, on every Rs.10 lakh of
aggregate face value of lottery tickets printed by the organising State for a
draw.

Such option will have to be exercised within one month of the
beginning of each financial year (for F.Y. 2010-11 by 7-11-2010) for the entire
financial year. A new service provider can exercise such option within one month
of providing such service.

Download PDF

You May Also Like

Profession Tax — E-Services Enrolment/Registration

Persons marketing lottery tickets exempted — Notification No. 50/2010-ST, dated 8-10-2010.