Menu

WELCOME TO FUNDSCOOP ADVISORS

9330560978, info@fundscoop.in

New rules and circular on IEC code

August 28, 2017

As per the latest circular on IEC, as enclosed, the importer/exporters need NOT apply for separate IEC code for import/Export in India. As per the latest trade circular by the DGFT, the PAN shall be construed as new IEC code for the purpose of import and export and the DGFT department shall also issue the new IEC code as your PAN number only.

 

IEC Code for Person Registered under GST

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 IEC number and not the GSTIN number. Also, for new applicants, the application shall be sent to DGFT department and the department shall issue the IEC number as your PAN number only. Further, the existing IEC holder, the department is making required changes to the system so that the PAN number can be accepted as the IEC code.

 

IEC Code for Person not registered under GST

For persons who are not required to register under GST, the PAN number shall work as a IEC code. Further, for all new applicants who are not required to register under GST, the application shall be made to DGFT and applicant’s PAN will be authorised as IEC.

 

Status of Existing IEC holder

DGFT is taking the responsibility to make necessary changes in the system so that the PAN of existing IEC holder will become their new IEC code. So, application for allotment IEC code has to be made to DGFT even if IEC will be same as PAN only. Application shall be made online & the relevant shall be uploaded after logging in to the websitehttp://dgft.gov.in/exim/2000/iec_anf/ieconlnapplform.htm

Go Back

Nic Post
thanks for sharing



Comment