New Delhi, Jun 12 () After the implementation of the Goods and Services Tax, traders would have to declare only their GST Identification Number at the time of import or export, the commerce ministry said today.
Currently, all exporters and importers declare their IEC (import-export code).
With the implementation of the GST, it said GSTIN would be used for purposes of credit flow of IGST on import of goods; refund or rebate of IGST related to export.
Registration number under GST is GSTIN. It is a 15-digit alphanumeric number code with PAN prefixed by state code and suffixed by 3 digit details of business verticals of the PAN holder.
"It has been decided that importer/exporter would need to declare only GSTIN at the time of import and export of goods," the ministry said.
It also said that to promote ease of doing business, it has been decided to keep the identity of an entity uniform across the ministries and departments.
With the implementation of the GST, it said, PAN of an entity will be used for the purpose of IEC.
For the existing IEC holders, necessary changes in the system are being carried out by the commerce ministry so that their PAN becomes their IEC. Currently, PAN has no one to one correlation with IEC.
IEC is a 10 digit number and is mandatory for undertaking any import, export activities. RR MR
Traders who have got their GST registration done may sometimes, send/ export goods outside India for promoting their businesses.
ReplyDeleteHere are 5 important GST implications on Goods sent out of India for Exhibition:
1. SUPPLY
2. RECORDS
3. Documentation at the time of removal of goods
4. Issue of Invoice
5. Refund claim
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ReplyDeleteIEC Registration