Composition scheme eligibility excludes exempt interest-based deposits, loans and advances from turnover calculations and service-supply limits. The value of exempt services by way of extending deposits, loans or advances, where consideration is represented by interest or discount, is excluded for composition scheme eligibility and for computing aggregate turnover. The clarification prevents such financing activity from affecting a registered person's ability to opt for the composition scheme under the Uttar Pradesh Goods and Services Tax Act, 2017.
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 excludes exempt interest-based deposits, loans and advances from turnover calculations and service-supply limits.
The value of exempt services by way of extending deposits, loans or advances, where consideration is represented by interest or discount, is excluded for composition scheme eligibility and for computing aggregate turnover. The clarification prevents such financing activity from affecting a registered person's ability to opt for the composition scheme under the Uttar Pradesh Goods and Services Tax Act, 2017.
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