Composition scheme eligibility clarified: interest and discount on loans and deposits excluded from turnover calculations. 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 under the second proviso to sub section (1) of section 10 and shall not be included in computing aggregate turnover for that purpose.
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Composition scheme eligibility clarified: interest and discount on loans and deposits excluded from turnover calculations.
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 under the second proviso to sub section (1) of section 10 and shall not be included in computing aggregate turnover for that purpose.
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