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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Small Businesses in Jammu & Kashmir Can Opt for Lower GST Rates Under Section 10 of 2017 Act</h1> Under the Jammu and Kashmir Goods and Services Tax Act, 2017, a registered person with an aggregate turnover not exceeding fifty lakh rupees in the previous financial year may opt for a composition levy, paying a prescribed rate instead of regular tax. Rates vary by type of supplier: one percent for manufacturers, two and a half percent for certain suppliers, and half a percent for others. Eligibility is restricted to those not engaged in specific activities such as inter-State supplies or e-commerce. The option lapses if turnover exceeds the limit, and ineligible persons opting for this scheme face penalties.
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