Composition scheme eligibility clarified: exempt services including interest on loans do not disqualify suppliers and are excluded from turnover. The Order clarifies that a person supplying Schedule-listed goods or services and also supplying 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 provided other conditions are met; 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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Composition scheme eligibility clarified: exempt services including interest on loans do not disqualify suppliers and are excluded from turnover.
The Order clarifies that a person supplying Schedule-listed goods or services and also supplying 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 provided other conditions are met; 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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