Prescribing Composition Scheme with 3% Rate of Tax for Persons Having Annual Turnovers up to ₹ 50 Lakhs in the Preceding Year and Supplies include Services

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..... eing satisfied that it is necessary in the public interest so to do, hereby notifies that the State tax, on the intra-State supply of goods or services or both as specified in column (1) of the Table below, shall be levied at the rate specified in the corresponding entry in column (2), subject to the conditions as specified in the corresponding entry in column (3) of the said table below, namely :- Table Description of Supply Rate per cent Conditions 1 2 3 First supplies of goods or services or both upto an aggrega .....

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..... 3. The registered person shall not collect any tax from the recipient on supplies made by him nor shall he be entitled to any credit of input tax. 4. The registered person shall issue, instead of tax invoice, a bill of supply as referred to in clause (c) of sub-section (3) of section 31 of the said Act with particulars as prescribed in rule 49 of Jammu and Kashmir Goods and Services Tax Rules. 5. The registered person shall mention the following words at the top of the bill of supply, namely :- taxable person paying tax in terms of SRO Notification No.../ dated....03.2019, not eligible to collect tax on supplies . 6. The registered person opting to pay centr .....

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..... Ice cream and other edible ice, whether or not containing cocoa. 2 21069020 Pan Masala. 3 24 All goods i.e. Tobacco and manufactured tobacco substitutes. 2. In computing aggregate turnover in order to determine eligibility of a registered person to pay central tax at the rate of three per cent under this notification, value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account. .....

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