SURRENDER EXCISE LICENCE

[Asked by Guest]

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

AI Summary

Surrender of excise registration requires clearing statutory dues and reversing CENVAT credit; otherwise recovery proceedings and penalties follow.
Surrender of registration by a central excise manufacturer is conditional on satisfaction of outstanding statutory liabilities; the manufacturer must clear unpaid duty obligations and reverse any CENVAT credit before the department will accept cancellation, otherwise interest, penalty and recovery proceedings may follow.