Thursday, Jun 20 2024 | Time 05:22 Hrs(IST)
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Business Economy


RETAIL-LOTTERY-GST

Federation of Lottery Trade & Allied Industries urge Govt to levy taxes on 'margin' money
Mumbai, Jun 23 (UNI) The All India Federation of Lottery Trade & Allied Industries has urged the central government to levy taxes on the 'margin' money, instead of the face value of the lottery ticket, as people buying lottery tickets may have to spend 28 per cent more under the Goods and Services Tax (GST), which is
expected to be rolled out on July 1.
As the government is looking to put lottery tickets in the 28 per cent GST bracket, the highest slab, that’s up from minimal or zero tax levied by about a dozen states that have lotteries, people familiar with the matter said.
In the states like Sikkim, Punjab, Goa, Maharashtra and Kerala, they are either run by these state governments or external parties, a release said here.
"GST should only be levied on the operators’ margin. The prize money part comes under direct tax (income tax paid by the winner)," the AIFLTAI has suggested to the government.
It further said that as many of the lottery operators are from the Handicapped category who support their families by selling lotteries, their only source of income will be impacted and they will be rendered unemployed.
It is estimated that more than 25 lakh people’s livelihood will be affected directly or indirectly due to GST, the release added.
UNI JM SS SM1906
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