GST payable on Receipt of prize money from horse race conducting entities

In re M/s. Vijay Baburao Shirke (GST AAR Maharashtra) Question: Whether receipt of prize money from horse race conducting entities, in the event horse owned by the applicant wins the race, would amount to ‘supply under section 7 of the Central Goods and Service Tax Act, 2017 or not and consequently, liable to GST or not? Answer: Answered is in affirmative. The amount of prize money received from the events conducting entities would be covered under ‘supply under section 7 of the CGST Act, 2017 and consequently, it is held as taxable supply of services and liable to GST @ 18% (9% ea...