Value-based exemption for small service providers limited by aggregate value, CENVAT restrictions, brand and reverse-charge exclusions.

A value-based exemption permits small service providers to claim exemption for a financial year where the aggregate value of taxable services falls below the prescribed threshold, subject to defined calculation rules. Exclusions include users of another's brand and reverse-charge recipients; special turnover adjustments apply to goods transport operators. Conditions bar CENVAT credit on inputs and capital goods during the exemption period, require payment for credit on inputs in stock on commencement, and prevent mid-year withdrawal once tax payment is elected. Breach attracts full tax liability and penalties.

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