Do I need IEC If I have GST?
According to the latest circular issued by the government, IEC is not mandatory for all traders who are registered under GST. In all such cases, the PAN of the trader shall be construed as new IEC code for the purpose of import and export.
Can Gstin be used as IEC?
As per the Trade circular, if you are registered for GST, then GSTIN number may be used for the purpose of import and export in India. However, to maintain uniformity, the department has agreed that PAN should be used as a IEC number and not the GSTIN number.
How do I link my GST number to IEC?
Link your IEC
- Register on DGFT Website – Valid Email and Mobile Number Required.
- Login to DGFT Website.
- Click on Link IEC button displayed on the homepage.
- Enter your IEC by authenticating through Aadhaar based OTP or Digital Signature.
What is GST IEC?
Importer Exporter Code (IEC): In GST regime, GSTIN would be used for credit flow of IGST paid on import of goods. 2017 has stated that PAN would be the Import Export code (IEC). However, while PAN is identifier at the entity level, GSTIN would be used as identifier at the transaction level for every import and export.
What is the import export code (IEC) under GST?
Importer Exporter Code (IEC) : In GST regime, GSTIN would be used for credit flow of IGST paid on import of goods. Therefore, GSTIN would be the key identifier. DGFT in its Trade Notice No. 09, dated 12-6-2017 has stated that PAN would be the Import Export Code (IEC).
What are the changes in import procedures under GST?
Changes in import procedures : Importer Exporter Code (IEC) : In GST regime, GSTIN would be used for credit flow of IGST paid on import of goods. Therefore, GSTIN would be the key identifier. DGFT in its Trade Notice No. 09, dated 12-6-2017 has stated that PAN would be the Import Export Code (IEC).
Can the same IEC number be used for import and export?
The same IEC can be used for import and export both. Quite a lot of people have the wrong idea that separate IEC codes are required for Import and export, but this is not so. There is only one registration for import and export and the same IEC number can be used while importing as well as exporting.
Is import and export code registration necessary in India?
In India, Import Export Code registration is necessary to execute international transactions. Quite a bit of confusion prevails about the applicability of Import and Export Code – Are there any post-registration compliance, how is an IEC number is allotted, etc.