In a saucepan over medium heat warm the plant-based milk just until lukewarm, then stir in the yeast and the sugar. Let sit for 10-12 minutes until foamy.
Add the yeast mixture to a large mixing bowl, or a stand mixer, using a rubber spatula to get out any of the sugar slurry from the bottom of the pot. Add the vegan butter, vanilla extract, flour, nutmeg, and salt and mix until a dough forms. Either continue mixing in the stand mixer on low speed for 6 minutes, or knead by hand on a lightly floured surface for 8-10 minutes until smooth and elastic. Place the dough in a lightly greased bowl, cover, and let rise in a warm place for 1-1.5 hours, until doubled in size.
Punch down the dough and transfer it to a lightly floured surface. Roll out to ½-inch (1.25 cm) thickness.
Using a 3 inch (7.5 cm) bismarck cutter, round cookie cutter or the rim of a glass, cut out circles. Place the cut dough rounds on a lightly oiled parchment-lined baking sheet, cover lightly with a damp kitchen towel, and let rise for 30-45 minutes, until very puffy.
In a deep pot or fryer, heat at least 3 inches (7.5 cm) of oil over medium heat to 350°F (175°C). Ideally use a frying thermometer to make sure the temperature is accurate, because it makes a huge difference.
Fry in batches, making sure not to overcrowd the pan. Cook for 2-3 minutes per side, until golden brown. Use a slotted spoon to transfer them to a wire rack sitting over a baking tray to drain. Let cool slightly.
Fill a piping bag fitted with a small round tip with jam, vegan Nutella, ganache, or other filling of your choice. Using a skewer or small knife, make a small hole in the side of each doughnut. Pipe jam into the center until filled.
Place the powdered sugar in a fine-mesh sieve and dust over the sufganiyot while still slightly warm. Serve immediately.