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of <h1>Jammu & Kashmir Sets 3% Tax for Small Businesses with Turnover up to 50 Lakh, Effective April 1, 2019.</h1> The Government of Jammu and Kashmir issued a notification prescribing a 3% tax rate under the composition scheme for registered persons with annual turnovers up to 50 lakh rupees, effective from April 1, 2019. This applies to intra-State supplies of goods or services, provided certain conditions are met, such as not engaging in inter-State supplies or using e-commerce platforms. Eligible persons cannot collect tax from recipients or claim input tax credit and must issue a bill of supply instead of a tax invoice. The notification excludes supplies like ice cream, pan masala, and tobacco products.
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