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 settlement procedure. What will happen if I start new company in service sector?? Please guide...
request for honest answers
Manufacturer Must Settle 10 Lakh Dues Before Surrendering Excise License; New Business May Face PAN Registration Issues A manufacturer facing significant financial losses seeks to surrender their excise license without paying outstanding dues of approximately 10 Lakhs. They inquire about settlement options and the implications of starting a new company in the service sector. Respondents advise that surrendering the license requires clearing all dues and reversing cenvat credit. Non-payment may result in interest, penalties, and recovery proceedings, including potential bank account or property attachment. Starting a new business in another state without settling dues may be hindered by PAN-based registration checks. It is recommended to clear all statutory dues before proceeding with new ventures. (AI Summary)
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