AAR: Prize money received from horse-race conducting entities, taxable at 18%

Maharashtra AAR holds that the prize money received from the horse race conducting entities, constitutes ‘supply’ u/s 7 of the CGST Act, liable to GST at 18%; Observes that the applicant is undertaking provision of services of specialized as well as trained horses for race and in the event horse owned by the applicant wins the race, it receives the price money from the horse race conducting entities; Elucidates that, prize money is nothing but the consideration received b...