Composition scheme eligibility clarified: exempt interest or discount services excluded from aggregate turnover for determining qualification. Supplies under clause (b) of paragraph 6 of Schedule II made together with exempt services, including services by way of extending deposits, loans or advances where consideration is interest or discount, do not disqualify a person from the composition scheme under section 10 if other conditions are satisfied; and the value of such exempt services shall be excluded from the person's aggregate turnover when determining composition eligibility.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Composition scheme eligibility clarified: exempt interest or discount services excluded from aggregate turnover for determining qualification.
Supplies under clause (b) of paragraph 6 of Schedule II made together with exempt services, including services by way of extending deposits, loans or advances where consideration is interest or discount, do not disqualify a person from the composition scheme under section 10 if other conditions are satisfied; and the value of such exempt services shall be excluded from the person's aggregate turnover when determining composition eligibility.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
