IEC Code not required for Import/Export under GST Regime – PAN/GSTIN shall work as New IEC Code Number

IEC Code not required for Import/Export under GST Regime – PAN/GSTIN shall work as New IEC Code Number

Another progression has been taken by the legislature of India for simplicity of working together. Presently, no IEC code should be required for Import/Export, as chose by the administration through notice. 

Therefore, the shipper/exporters require NOT matter for isolated IEC code for import/Export in India. According to the most recent exchange roundabout by the DGFT, the PAN should be translated as new IEC code with the end goal of import and trade and the DGFT division might likewise issue the new IEC code as your PAN number as it were. 

Give us a chance to peruse and comprehend the exchange see in detail: 

What is IEC Code? Why IEC code in required? 

IEC code implies Import Export Code. According to the Foreign Trade Policy (FTP) in India, each merchant and exporter is required to get IEC code to begin Import send out from India. Without IEC code, no shipper and exporter are approved to do import send out business. 

What is the change? Why IEC code not required under GST? 

According to the exchange round, there are two sorts of classes to be managed: 

1. Individual enlisted under GST 

2. Individual not enlisted under GST 

Give us a chance to manage it one by one: 

IEC Code for Person Registered under GST 

According to the Trade roundabout, on the off chance that you are enrolled for GST, at that point GSTIN number might be utilized with the end goal of import and fare in India. Be that as it may, to look after consistency, the division has concurred that PAN ought to be utilized as an IEC number and not the GSTIN number. Additionally, for new candidates, the application should be sent to DGFT office and the division might issue the IEC number as your PAN number as it were. 

Further, the current IEC holder, the division is rolling out expected improvements to the framework with the goal that the PAN number can be acknowledged as the IEC code. 

IEC Code for Person not enlisted under GST 

For people who are not required toc, the PAN number should act as an IEC code. Further, for every single new candidate who are not required to enroll under GST, the application should be made to DGFT and candidate's PAN will be approved as IEC. 

Status of Existing IEC holder 

The DGFT is assuming the liability to roll out vital improvements in the framework so the PAN of existing IEC holder will turn into their new IEC code. 

Download the Trade Circular/Notification for IEC Code


Visit HireCA.com Now