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Composition scheme eligibility clarified: exempt interest-related services do not bar participation and are excluded from turnover. The Order clarifies that suppliers who provide Schedule II clause (b) goods/services and also supply exempt services, including services by way of extending deposits, loans or advances where consideration is interest or discount, remain eligible for the composition scheme if other conditions are met, and that the value of such exempt services shall be excluded from aggregate turnover when determining composition eligibility.
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Composition scheme eligibility clarified: exempt interest-related services do not bar participation and are excluded from turnover.
The Order clarifies that suppliers who provide Schedule II clause (b) goods/services and also supply exempt services, including services by way of extending deposits, loans or advances where consideration is interest or discount, remain eligible for the composition scheme if other conditions are met, and that the value of such exempt services shall be excluded from aggregate turnover when determining composition eligibility.
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