A Person lawyer had created 2 firm, both are changed to Regular to Composition on 16.04.2019, and ITC return also not filed
First Firm : Single Invoice Purchase on 14.02.2019 in Composition of Rs 3.5 Lakh and Sales is NIL till 16.02.2020 (Firm Cancellation Date). Now stock of Rs 3.5 Lakh in the Books is showing. What we can do of this stock ?
Shall we let this firm be closed or filed a sales invoice in second firm (Both have same trade) of same amount and pay tax in first firm and take ITC in Second Firm ?
Please advice me what to do ? A Non Knowledgeable person does these things.
CAclubindia
