For occurrence of any taxable event, there must be direct and immediate link between supply made and consideration received. Hence, where applicant owns horses, which participate in races organised at different race clubs, and upon winning, applicant is awarded prize money in respect of horse which wins race, said prize money would not be subject to GST as there is no element of service when applicant’s horse wins race and gets prize.
Source: taxmann.com
Latest Posts in "India"
- Supreme Court Restricts GST Extended Limitation Without Specific Fraud Allegations
- GST Council May Consider Lowering Tax on Mobile Phones
- India Tax Konnect: Key GST Rulings on Gaming, Healthcare, Banking and SCNs
- Kerala GST Probe Targets Messi Event Funding Tax Evasion Suspicions
- Lucknow Crime Branch Busts Fake GST Racket; Four Arrested for Bogus ITC Fraud
