Composition scheme eligibility clarified: exempt services and interest income excluded from turnover for scheme qualification. Clarifies that a person supplying Schedule II clause (b) goods/services who also supplies exempt services, including services where consideration is interest or discount on deposits, loans or advances, is not ineligible for the composition scheme if other conditions are satisfied; and that the value of such exempt services, including interest or discount, shall be excluded from aggregate turnover when determining composition eligibility.
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Provisions expressly mentioned in the judgment/order text.
Composition scheme eligibility clarified: exempt services and interest income excluded from turnover for scheme qualification.
Clarifies that a person supplying Schedule II clause (b) goods/services who also supplies exempt services, including services where consideration is interest or discount on deposits, loans or advances, is not ineligible for the composition scheme if other conditions are satisfied; and that the value of such exempt services, including interest or discount, shall be excluded from aggregate turnover when determining composition eligibility.
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