Composition scheme eligibility clarified: exempt interest income from loans excluded when computing turnover and eligibility. The Order excludes from consideration, for composition scheme eligibility, the value of exempt services by way of extending deposits, loans or advances to the extent the consideration is represented by interest or discount, and directs that such exempt interest or discount income shall not be included in computing aggregate turnover for determining eligibility; the clarification takes effect from the first day of February, 2019.
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Composition scheme eligibility clarified: exempt interest income from loans excluded when computing turnover and eligibility.
The Order excludes from consideration, for composition scheme eligibility, the value of exempt services by way of extending deposits, loans or advances to the extent the consideration is represented by interest or discount, and directs that such exempt interest or discount income shall not be included in computing aggregate turnover for determining eligibility; the clarification takes effect from the first day of February, 2019.
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