1.IEC code means Import Export Code. As per the Foreign Trade Policy (FTP) in India, every importer and exporter is required to get IEC code to start Import export from India. Without IEC code, no importer and exporter are authorized to do import export business.
2. As per the trade circular, there are two kinds of categories to be dealt with:
a) Person registered under GST
b)Person not registered under GST
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 a 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:-
The 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 in reply to subject query, 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 website http://dgft.gov.in/exim/2000/iec_anf/ieconlnapplform.htm