Conversion from composite scheme to regular
This query is : Resolved
14 May 2018
my friend has converted from composition scheme to regular on 22nd feb. at that time the closing stock was 14lacs. when he was filing under regular scheme can he get input tax credit on the closing stock, if yes then what is the procedure.
CA Suresh Jain
(Expert)
14 May 2018
Yes, he is eligible for input credit; he should file form ITC-01 within 30 days from the date of conversion
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