IEC code is issued by the DGFT (Director General of Foreign Trade) for import and export of goods. The registered business entities can avail benefits in form of subsidies, Duty Drawbacks, SEIS( Service export from India Scheme), SHIS(Status Holder Incentive Scrip), MEIS  (Merchandise Export from India Scheme), EPCG( Exoprt Promotion Capital Goods scheme) and schemes declared by the Customs, Export Promotion Council or other authorities. After filing LUT under GST, the exporters can make exports without payment of taxes. Export License, Import License, IE Code, IEC code, EXIM License all synonyms to IEC license.