Succession of business
This query is : Resolved
Dhiraj H Mehta
(Querist)
18 February 2013
In Prop. Firm succeeded by Pvt.Ltd. Company by transferring all assets and liabilities. So query is whether Prop. Firm need to paid Excise Duty on transfer to Machinery to Company if Prop. Firm has taken Input Credit earlier on said Machinery?
If yes then at what is rate of Excise Duty?
If yes then at what is rate of Excise Duty?
Arun Kumar Singh
(Expert)
18 February 2013
All the inputs and capital goods can be transferred by propietor in the pvt. ltd. company. Duty will be applicable as per classification of goods and valuation of goods.
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