Prize money received from horse-race clubs not liable to GST: AAAR

Maharashtra appellate authority sets aside AAR ruling Maharashtra’s Appellate Authority for Advance Ruling (AAAR) has held that receipt of prize money/stakes from horse-race clubs — in the event horse wins the race — would not be subject to Goods & Services Tax (GST). “We set aside the advance ruling issued by AAR and hold that prize money/stakes will not be subject to GST in the absence of an…