Exclusion of interest-bearing exempt supplies clarifies they are not counted for composition scheme eligibility or turnover. The Order clarifies that the value of exempt services by way of extending deposits, loans or advances, where consideration is interest or discount, shall not be taken into account in determining eligibility for the composition scheme and shall be excluded from the computation of 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.
Exclusion of interest-bearing exempt supplies clarifies they are not counted for composition scheme eligibility or turnover.
The Order clarifies that the value of exempt services by way of extending deposits, loans or advances, where consideration is interest or discount, shall not be taken into account in determining eligibility for the composition scheme and shall be excluded from the computation of 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.