We "X" propitiatory excise registered manufacturing company planning to close its manufacturing activity on 31.03.17 and will surrender the excise registration same day. After surrender immediately next day i.e.on 01.04.17 we will take new excise registration on same premises for manufacturing activity for a Private Limited company where X is 50% share holder. If we follow the above procedure then whether X has to make excise invoice for stock transfer on 31.03.16 !! if yes then whether the new private limited company can take modvat credit against this stock transfer inovice. !!
29 November 2016
Before surrender the excise registration you need to transfer all assets and liability to other unit then surrender the registration and apply for new registration.
CAclubindia
