Composition scheme eligibility clarified: exempt services including interest or discount on loans do not disqualify suppliers from composition. Clarifies that a supplier making supplies referred to in clause (b) of paragraph 6 of Schedule II and also providing exempt services, including services by way of extending deposits, loans or advances where consideration is interest or discount, is not ineligible for the composition scheme if other conditions are met; and directs that the value of such exempt services be excluded from aggregate turnover when determining composition eligibility.
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Composition scheme eligibility clarified: exempt services including interest or discount on loans do not disqualify suppliers from composition.
Clarifies that a supplier making supplies referred to in clause (b) of paragraph 6 of Schedule II and also providing exempt services, including services by way of extending deposits, loans or advances where consideration is interest or discount, is not ineligible for the composition scheme if other conditions are met; and directs that the value of such exempt services be excluded from aggregate turnover when determining composition eligibility.
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