The Central Government, on recommendations of the GST Council, hereby makes the Central Goods and Services Tax (Removal of Difficulties) Order, 2019. It is hereby clarified that the value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account –
- for determining the eligibility for composition scheme under second proviso to sub-section (1) of section 10;
- in computing aggregate turnover in order to determine eligibility for composition scheme.
[Source: Order No. 01/2019-Central Tax dated 01st February, 2019]