Respected Madam,
my question is that after amendment in section 10 of cgst act introduced by finance act 2019
whether composition dealer are exempted from paying gst upto turnover beyond which reg u/s 22 is compulsary i.e 20L/40L
The relevant extract of finance bill is reproduced as follows
” After sub section 5 the following explanation shall be inserted namely-:
Explanation 2 – For the purpose of determining tax payable by a person under this section the expression turnover in state or turnover in union territory shall not include the value of following supplies namely-:
(i) supplies from first day of April of a financial year upto the date when such person becomes liable for registration under this act; and
(ii) exempt supply of services provided by way of extending deposits, loans or advances in so far as consideration is represented by way of interest or discount