Interest and discount exclusion from composition scheme eligibility clarifies loans and deposits are not counted towards turnover. The Order excludes from composition-scheme eligibility calculations the value of exempt services provided by way of deposits, loans or advances where consideration is represented by interest or discount. Those amounts are not to be counted for the second proviso governing composition eligibility and are excluded from aggregate turnover when determining entitlement to the composition scheme.
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.
Interest and discount exclusion from composition scheme eligibility clarifies loans and deposits are not counted towards turnover.
The Order excludes from composition-scheme eligibility calculations the value of exempt services provided by way of deposits, loans or advances where consideration is represented by interest or discount. Those amounts are not to be counted for the second proviso governing composition eligibility and are excluded from aggregate turnover when determining entitlement to the composition scheme.
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