Composition scheme eligibility: exempt services including interest or discount on loans are excluded from aggregate turnover and do not disqualify suppliers. Suppliers of Schedule II(b) goods/services who also provide exempt services, including services by way of deposits, loans or advances where consideration is interest or discount, shall not be ineligible for the composition scheme if other conditions are met; and the value of such exempt services shall be excluded from 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: exempt services including interest or discount on loans are excluded from aggregate turnover and do not disqualify suppliers.
Suppliers of Schedule II(b) goods/services who also provide exempt services, including services by way of deposits, loans or advances where consideration is interest or discount, shall not be ineligible for the composition scheme if other conditions are met; and the value of such exempt services shall be excluded from aggregate turnover when determining composition eligibility.
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