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of <h1>Jammu & Kashmir GST Act 2017: Composition Scheme for Small Businesses, Excludes Ice Cream, Pan Masala, Tobacco Manufacturers.</h1> The Government of Jammu and Kashmir, under the Jammu and Kashmir Goods and Services Tax Act, 2017, allows eligible registered persons with an annual turnover not exceeding seventy-five lakh rupees to opt for a composition scheme. This scheme permits manufacturers to pay one percent, suppliers of specified goods two and a half percent, and other suppliers half a percent of their turnover as tax. However, manufacturers of specific goods such as ice cream, pan masala, and tobacco products are excluded from this scheme. The notification takes immediate effect and follows the Customs Tariff Act, 1975 for interpretation.
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