Composition scheme eligibility: interest or discount on loans and deposits excluded from aggregate turnover, preserving small business access under GST. Where services of extending deposits, loans or advances yield consideration by way of interest or discount, the value of such exempt services shall not be taken into account for determining eligibility to opt for the composition scheme under the second proviso to sub-section (1) of section 10, nor in computing aggregate turnover for that purpose.
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.
Composition scheme eligibility: interest or discount on loans and deposits excluded from aggregate turnover, preserving small business access under GST.
Where services of extending deposits, loans or advances yield consideration by way of interest or discount, the value of such exempt services shall not be taken into account for determining eligibility to opt for the composition scheme under the second proviso to sub-section (1) of section 10, nor in computing aggregate turnover for that purpose.
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