Declaring gains from Gaming, lottery and betting

On the payment registration module, select the Tax Head as Agency Revenue and Tax Sub Head as Gaming/ Betting/ Lottery/ Prize Competition Tax. The rates are in built in the system. Betting tax is 7.5% of the gaming revenue(Gross turnover less Payout of Winnings to customers), Lottery tax is 5% of lottery turnover(No allowable deductions for now as it is taxed on the gross amount), Gaming tax is 12% of the gaming revenue(Gross turnover less Payout of Winnings to customers), Prize competition tax is 15% of Gross turnover(No allowable deductions for now as it is taxed on the gross amount). NOTE: Effective 01/01/2017 winnings from gaming and betting are taxed on the licensed operator , hence the 20% withholding tax on winnings taxed on the recipient is no longer applicable