Under earnings tax regulation, a 30 per cent TDS is to be levied on winnings from lotteries, recreation exhibits, card video games, on-line video games offered the earnings exceed Rs 10,000 in a fiscal.
A complete of 12 instances of GST evasion involving Rs 345 crore have been detected towards lottery distributors since July 2017.
A complete of 12 instances of GST evasion involving Rs 345 crore have been detected towards lottery distributors since July 2017, Parliament was knowledgeable on Monday.
Minister of State for Finance Bhagwat Karad in a written reply to the Lok Sabha mentioned Rs 622 crore, together with curiosity and penalty, have been recovered from lottery distributors from July 2017 until November 2023.
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“Twelve cases involving GST evasion of Rs 344.57 crore have been detected against lottery distributors and Rs 621.56 crore (including interest and penalty) has been recovered/realized from July 2017 to till November 2023,” Karad mentioned.
Karad additional mentioned the Finance Ministry had obtained a reference from the Ministry of Home Affairs (MHA) for feedback relating to disbursement of prize quantity of lotteries by means of formal banking channel.
“Comments in this regard have been sent to MHA. Using formal banking channel for any kind of transaction, including disbursement of lottery prize, is helpful in mitigating the associated money laundering/terrorist financing/proliferation funding risks in view of the robust banking system and effective regulation/supervision of the regulated entities,” Karad mentioned.
Under earnings tax regulation, a 30 per cent Tax Deducted at Source (TDS) is to be levied on winnings from lotteries, recreation exhibits, card video games, on-line video games offered the earnings exceed Rs 10,000 in a fiscal.
“The Income Tax Department takes appropriate action in cases involving evasion of tax whenever any credible information/intelligence of violation of provisions of direct tax laws relating to any taxpayer comes to its notice. Such action under direct tax laws includes conducting enquiries, mounting search and seizure or survey action, assessment and consequential action…,” Karad mentioned.
