Rule 31A of CGST Rule 2017: Value of supply in case of lottery, betting, gambling and horse racing (Chapter-IV: Determination of Value of Supply)
(1) Notwithstanding anything contained in the provisions of this Chapter, the value in respect of supplies specified below shall be determined in the manner provided hereinafter.
(2) 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 Organising State, whichever is higher.
Explanation: – For the purposes of this sub-rule, the expression “Organising State” has the same meaning as assigned to it in clause (f) of sub-rule (1) of rule 2 of the Lotteries (Regulation) Rules, 2010.
(3) The value of supply of actionable claim in the form of chance to win in betting, gambling or horse racing in a race club shall be 100% of the face value of the bet or the amount paid into the totalisator.
Valuation Rule of GST Act 2017:
1. Rule 27 of GST Rule 2017 (Value of supply of goods or services where the consideration is not wholly in money
2. Rule 28 of GST Rule 2017: Value of supply of goods or services or both between distinct or related persons, other than through an agent
3. Rule 29 of GST Rule 2017: Value of supply of goods made or received through an agent
4. Rule 30 of GST Rule 2017: Value of supply of goods or services or both based on cost
5. Rule 31 of GST Rule 2017.Residual method for determination of value of supply of goods or services or both