What is the use of iec code.how a person can exports the goods with the use of iec code without any tax or gst.
what shall i do to apply for iec code and can i also export my goods without any tax or gst if yes then what is its full prodecure plz explain fully
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ENQUIRY ABOUT IEC CODE
Replies (4)
IEC refers to Import Export Code issued by DGFT. It is mandatory for every exporter or importer to have this code before making such export or Import.
It is only an Identity code and doesn't give any exemptions from taxes on exports or imports.
To make exports without GST, you have to register under GST and submit LUT and then you can export without GST with condition that exports will be received before time limit mentioned under FEMA guidelines
It is only an Identity code and doesn't give any exemptions from taxes on exports or imports.
To make exports without GST, you have to register under GST and submit LUT and then you can export without GST with condition that exports will be received before time limit mentioned under FEMA guidelines
Sir what is LUT Can you please explian more
LUT refers to Letter of Undertaking, its an undertaking given by authorised signatory to the government that he will pay the applicable tax along with interest and penalty in case the conditions for expprt of goods or services is not satisfied in the future.
This is a simple form, which is available in the portal itself
This is a simple form, which is available in the portal itself
Sir can you explain about export process
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