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Composition scheme eligibility clarified: exempt interest or discount on loans/deposits excluded from aggregate turnover for composition assessment. Clarifies that a taxable person supplying goods and/or services covered by Schedule II who also supplies exempt services by way of 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 supplies 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 interest or discount on loans/deposits excluded from aggregate turnover for composition assessment.
Clarifies that a taxable person supplying goods and/or services covered by Schedule II who also supplies exempt services by way of 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 supplies shall be excluded from aggregate turnover when determining composition eligibility.
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