GST stands Goods and Service Tax. It has been implemented from 1st of July, 2017 bringing Indian indirect tax regime at international standards. It is focused on relieving Industries from following multiple and complex tax structures and bringing them on single tax platform i.e. GST. GST is expected to cut off the current compliances and improving ease of doing business small businesses in India. Under the GST, all entities involved in buying or selling of goods or providing services or both are required to get registered for GST. Although for entities having turnover below the prescribed turnover of Rs. 20 lacs GST registration is not mandatory. Entities which are required to obtain GST registration as per the provisions must file for GST registration within 30 days from the date on which the entity became liable for obtaining GST registration.

The Import Export Code is a ten-digit number that is issued by the Director-General of Foreign Trade, Ministry of Commerce. Once the IEC application is submitted, it is granted for a lifetime. Thus, unlike most licenses, the IEC number does not expire and there is no need for renewal.

Imports Covered by clause 3(1) (except subclauses (e) and (l)) and exports covered by section 3 (20) (except subclauses (i) and (K)) of Foreign Trade (Exemption from the application of Rules in certain cases) Order, 1993.

Ministers or departments of Central or State government

If a Person importing/exporting goods from/to Nepal, Myanmar through Indo-Myanmar border areas and China (through Gunji, Namgaya Shipkila, and Nathula ports), given that CIF value of a single shipment does not exceed Rs. 25,000.

Any type of business registration: Sole Proprietorship, Partnership, Private Limited and Charitable organization dealing with the export and import of goods should register for Importer Exporter Goods.
Any type of business registration: sole proprietorship, partnership, private limited companies, charitable organizations dealing with import and exports of goods can register for import-export code, irrespective of the size. However, IE code is not required for Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture. There is no need for a business set up.