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For Export Traders Need To Declare Only GSTIN, Import After GST Implementation

Export Traders

After the GST implementation, Commerce Ministry has announced for export and import the traders will have to declare only the GST Identification number (GSTIN).

In this process, all exporters and importers have to declare their IEC (import-export code). For credit flow of IGST, the GSTIN would be used on the import of goods, in export for refund or rebate of IGST was told by the ministry.

The GSTIN will fall under GST and it is a registration number of a 15-digit alphanumeric number code. By state code, the number will be having the PAN prefixed and suffixed by 3 digit details of business verticals of the PAN holder.

At the time of import and export of goods, it has been decided that importer/exporter would need to declare only GSTIN, said by the commerce ministry.

To do business this use of GSTIN will make it easier and so across the ministries and departments, the ministry has come to a decision of keeping a uniform identity. The ministry told that the PAN of an entity will be used where IEC is used now after the implementation of the GST.

To make PAN their IEC is being made by the ministry and whatever necessary changes are to be made for current IEC holders. With IEC till now PAN had no direct correlation. IEC was needed for doing any import or export business and it is a mandatory 10 digit number.