Composition scheme eligibility clarified: exempt interest and discount income excluded from turnover for scheme qualification. Clarifies that suppliers of goods or services covered by clause (b) of paragraph 6 of Schedule II who also provide exempt services, including interest or discount on deposits, loans or advances, are not disqualified from the composition scheme if other conditions are met; and directs that value of such exempt services (including interest or discount) shall be excluded from aggregate turnover when determining composition scheme 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 and discount income excluded from turnover for scheme qualification.
Clarifies that suppliers of goods or services covered by clause (b) of paragraph 6 of Schedule II who also provide exempt services, including interest or discount on deposits, loans or advances, are not disqualified from the composition scheme if other conditions are met; and directs that value of such exempt services (including interest or discount) shall be excluded from aggregate turnover when determining composition scheme 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 
