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of <h1>Jammu & Kashmir GST Update: New Composition Levy Rules for Small Businesses with Turnover Up to INR 1.5 Crore.</h1> The Government of Jammu and Kashmir issued Notification SRO-241 on March 29, 2019, under the Jammu and Kashmir Goods and Services Tax Act, 2017. It supersedes a previous notification, SRO-279, dated July 8, 2017. The notification allows eligible registered persons with an aggregate turnover not exceeding INR 1.5 crore in the preceding financial year to opt for a composition levy instead of paying regular tax. However, the turnover threshold is INR 75 lakh for certain northeastern states and Uttarakhand. Manufacturers of specific goods like ice cream, pan masala, and tobacco products are excluded. This notification is effective from April 1, 2019.
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