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TMI BlogSURRENDER EXCISE LICENCEX X X X Extracts X X X X X X X X Extracts X X X X ..... Greetings to the community!! I am a manufacturer and have suffered huge losses. I want to surrender my license as i want to quit manufacturing. I have not paid my dues that is duty received on on raising invoices. Is there any settlement system. My dues are around 10 Lakhs. I am not in state to repay. Is there any possibility that I can surrender without depositing my dues. Is there any settleme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt procedure. What will happen if I start new company in service sector?? Please guide... request for honest answers - Reply By Arun Kumar Singh - The Reply = After the clear all due registration will be surrender. You need to reverse all cenvat credit available in the balance. - Reply By PANKAJ AGARWAL - The Reply = Thanks for the reply Arun ji. Please bring light to the consequences if I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dont pay dues and start a new company in some other state. thanks - Reply By Naveed S - The Reply = Non payment of service tax will lead to imposition of interest and penalty, thus increasing your total liability. Surrender of registration shall not be accepted till all the payments are made to the department. Department may grant you the facility to make payment of tax and interest in install ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment, if your case is genuine and merits consideration. However, if your are planning to start a new company, then u surely are having funds, so better clear the pending duty payment before starting the new business. Department may start recovery proceedings if the duty amount is not deposited/paid. - Reply By Pradeep Khatri - The Reply = Dear Pankaj, Not paying statutory dues comes under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... category of economic offence and without knocking it off R.C. cannot be surrendered. Even if you opt other State to start a new venture or business, then, on the basis of PAN based registration, you will be denied for RC and recovery proceeding would be started such as attachment of Bank Account/property in this regard. So, clear any statutory dues (Customs, Central Excise, VAT/CST/Entry Tax/ I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax, Service Tax, ESI, PF etc.) immediately to start a new venture in other State. Regards YAGAY and SUN (Management and Indirect Tax Consultants) - SURRENDER EXCISE LICENCE - Query Started By: - PANKAJ AGARWAL Dated:- 5-9-2014 Central Excise - Got 4 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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