Composition scheme eligibility: exclude interest-or-discount-based exempt financial services from turnover calculations. The Order specifies that the value of exempt services supplied by extending deposits, loans or advances, where consideration is represented by interest or discount, shall be excluded when determining eligibility for the composition scheme and when 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.
The Order specifies that the value of exempt services supplied by extending deposits, loans or advances, where consideration is represented by interest or discount, shall be excluded when determining eligibility for the composition scheme and when computing aggregate turnover for that purpose.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.