IEC stands for Import Export Code, if a Person/Entity want to Import of Goods or Service IEC code need to be taken from Director General of Foreign Trade(DGFT). Now IEC code Number is same as PAN No. once approved by DGFT.
In Following Situation IEC Code is mandatory
- Import of Goods/Services
- Export of Goods
- Export of specified Services:-Services which are prohibited restricted because of National security of India.
- Export of Service and person want to get the benefit of foreign trade policy.
So Import Export code(IEC) is mandatory to Import/Export goods and services except for export of services other than specified service.
What Information is Mandatory on a Tax invoice in India:-
Below Mention Information is Mandatory on a Tax Invoice
- Trade name of Business Entity
- Legal name of Business Entity
- Address of Business Entity
- Place of Supply
- GSTIN No. of Business Entity
- PAN No. of Business Entity
- GSTIN of Supplier
- Invoice No.
- HSN Code/Accounting of Goods/Services and services in case Turnover exceed 1 crore
- Tax Rate on goods/Services
- If a tax is paid on Reverse charge basis mention it on Invoice
- Signature of Authorized Representative
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|Asked: 12/15/18, 4:29 AM|
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|Last updated: 2/2/19, 1:22 AM|