Composition scheme eligibility clarified: exempt interest and discount on loans excluded from aggregate turnover for qualification. A person supplying goods and/or services referred to in clause (b) of paragraph 6 of Schedule II who also supplies exempt services, including services by way of extending deposits, loans or advances where consideration is interest or discount, shall not be ineligible for the composition scheme under section 10 if all other conditions are satisfied; in computing aggregate turnover for composition eligibility, the value of such exempt services (including interest or discount on deposits, loans or advances) shall be excluded.
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Composition scheme eligibility clarified: exempt interest and discount on loans excluded from aggregate turnover for qualification.
A person supplying goods and/or services referred to in clause (b) of paragraph 6 of Schedule II who also supplies exempt services, including services by way of extending deposits, loans or advances where consideration is interest or discount, shall not be ineligible for the composition scheme under section 10 if all other conditions are satisfied; in computing aggregate turnover for composition eligibility, the value of such exempt services (including interest or discount on deposits, loans or advances) shall be excluded.
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