Composition scheme eligibility clarified: interest from loans excluded from turnover calculations enabling small businesses to qualify. The Order clarifies that the value of exempt services provided through deposits, loans or advances, where consideration is interest or discount, shall be excluded for determining eligibility under the composition scheme and for computing aggregate turnover for composition-scheme qualification under section 10 of the Punjab GST Act.
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Provisions expressly mentioned in the judgment/order text.
Composition scheme eligibility clarified: interest from loans excluded from turnover calculations enabling small businesses to qualify.
The Order clarifies that the value of exempt services provided through deposits, loans or advances, where consideration is interest or discount, shall be excluded for determining eligibility under the composition scheme and for computing aggregate turnover for composition-scheme qualification under section 10 of the Punjab GST Act.
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