Exempt interest on deposits excluded from composition eligibility, clarifying such interest is omitted from turnover calculations. The Order clarifies that the value of exempt services by way of extending deposits, loans or advances, insofar as the consideration is represented by interest or discount, shall not be taken into account for determining eligibility for the composition scheme and shall not be included when computing aggregate turnover for that purpose under the Union Territory GST framework.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exempt interest on deposits excluded from composition eligibility, clarifying such interest is omitted from turnover calculations.
The Order clarifies that the value of exempt services by way of extending deposits, loans or advances, insofar as the consideration is represented by interest or discount, shall not be taken into account for determining eligibility for the composition scheme and shall not be included when computing aggregate turnover for that purpose under the Union Territory GST framework.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
