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TMI BlogIntroduction of new IE Code based on Permanent Account Number (PAN) allotted by the Income-Tax Department - Instructions regardingX X X X Extracts X X X X X X X X Extracts X X X X ..... IE Code based on Permanent Account Number (PAN) allotted by the Income-Tax Department - Instructions regarding I am directed to say that Ministry of Finance, in consultation with the Ministry of Commerce, has decided that all persons dealing with various regulatory agencies, such as the Central Excise and Customs Department (including Service Tax Administration), Income Tax Department, Offices o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iring importers/exporters to furnish their PAN for allotting the new IE Code by the DGFT. 3. It is to be mentioned that w.e.f. 1-1-2000, the importers and exporters would be required to indicate on the customs documents (B/E & S/B) both the existing IE Code issued by the DGFT and the PAN issued by the Income-Tax Department. However, from 1-4-2000, the IE Code issued by DGFT based on PAN alone wil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... locating a separate series of registration numbers. The RBI separately used to allocate a CNX number for identification of the exporters. The main objective of allocating an alphanumerical number by the Government agencies is to identify the assessees/exporters/importers. It is also used to identify in some cases the concerned office where the person would be assessed or registered. Further an al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can help in verification of availment of Modvat, excise rebate on exports etc. Such a measure would be particularly helpful in introducing selective risk based assessment of import/export transactions instead of verification of each and every shipping bill or bill of entry. A common identifier would immediately help obtain an overall assessment of the assessee's credentials with different Governme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs using IE Codes and about 1.2 lakhs Central Excise assessees using ECC Number). Further, since it is not dependent on the location of the office of registration, it will not get modified on account of re-organisation of jurisdiction of the concerned Department/offices. As per the decision of the Government, PAN will be the only identifier for cross-referencing with the other Departments though ..... X X X X Extracts X X X X X X X X Extracts X X X X
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