Composition scheme eligibility preserved despite exempt interest-bearing services; exempt supplies excluded from aggregate turnover calculation. Persons supplying items in clause (b) of paragraph 6 of Schedule II together with exempt services, including services by way of extending deposits, loans or advances where consideration is interest or discount, are not disqualified from the composition scheme under section 10 if other conditions are met; and the value of such exempt services is excluded from aggregate turnover when determining composition eligibility.
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.
Persons supplying items in clause (b) of paragraph 6 of Schedule II together with exempt services, including services by way of extending deposits, loans or advances where consideration is interest or discount, are not disqualified from the composition scheme under section 10 if other conditions are met; and the value of such exempt services is excluded from aggregate turnover when determining composition eligibility.
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