Do you really need IE CODE in 2018 for Exports in GST Era – India?
IE CODE for Exports & Imports in GST 2018:
In Pre GST Era,
IE Code was different and registration for business inside the country were different. So, Business professionals & owners were forced to subscribe to IE code for imports & exports. Whereas to perform trade inside India, A separate VAT & CST registration was required. So, When a person wants to perform export or import business, the TIN number was less mandatory as the supplier would take care of the tax complication until the goods reach the port.
In GST Era,
GST Registration is made mandatory under CGST Act for all the revenues generated from outside or inside India. so, It is made mandatory for all the business to register GST.
As per new notification from DGFT, GSTIN – Goods & Services Tax Identification Number will be used to perform import and export business for easy settlement of Input tax credit, duty drawback, refunds & rebates. So, Export business & import business have to get registered under GST.
Though it is not mandatory. PANCARD is now the new IE code. All the existing and new IE Code subscribers will eventually use their entity’s or individual’s pan card in the place of ie code. DGFT has made all necessary changes to align with GST.
To get clarified. Please read the notification from DGFT here
for more information:
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