Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: VAT Audit :: TDS :: form 3cd :: articles on VAT and GST in India :: VAT RATES :: empanelment
 
 
News Headlines »
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns
 Government may set threshold for probe into deposits to prevent harassment of taxpayers
 How to calculate capital gains tax
 April 1 still the target for GST: FM
 How to respond to CBDT’s tax compliance notice
 Goods & Services Tax (GST)(As On 01-01-2017)
 Excise, service taxpayers to migrate to GST portal by January 31

State govt plans to impose new taxes on lotteries
July, 27th 2006

Lotteries will soon become expensive in state. The state Cabinet on Wednesday has decided to introduce a tax on all lottery schemes operating in Maharashtra, including those from other states.

Chief minister Vilasrao Deshmukh said the tax would check the mushrooming of lottery draws and schemes being run in the state by operators from other states. The decision is expected to make the state government richer by around Rs 150 crore. We have no legal mechanism to ban lottery draws and schemes of other states operating in Maharashtra. But we can bring them in the tax net, Mr Deshmukh told the media after the weekly Cabinet meet.

The Cabinet has approved to a blueprint for revised regulation. It seeks to levy a yearly tax of Rs 50,000 on weekly lotteries, Rs 1 lakh on fortnightly schemes, Rs 2 lakh on monthly lotteries and Rs 10 lakh on bumper schemes.
The chief minister said the state has close to 2,500 lottery schemes and draws per day. The regulation and lottery tax will bring this number down to 150-200 per day. We have also decided to regulate the timings of announcing lottery draws between 4 pm and 9 pm, Mr Deshmukh said.

At present, the states revenue from lotteries is around Rs 27 crore.

In order to increase revenues and regulate the lottery market, the state has also decided to levy a licence fee of Rs 500 per month on lottery terminals. Mr Deshmukh said revised lottery tax and its regulation will come into force after the Cabinet notification.

Earlier this year, the state government had decided to levy sales tax on the lotteries from all states including Maharashtra. However, lottery operators then moved court against the tax challenging the states description of lottery as goods. Earlier it was sales tax but there was a legal query whether lottery could be defined as goods. We have removed this anomaly and have decided to introduce lottery tax now, Mr Deshmukh said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions