I want to get a degree in biotech, and masters, phD etc later. Would IIT be a good option?

No, Doubt the IIT will be the best option as u has wide opportunities for the research field.
But usually students prefer to do PhD from Foreign Universities. IIT provides a very good platform for research.
In IIT u have, both Degree ( B.Tech only) and Dual Degree Programme ( B.Tech& M.Tech) in Biotechnology.
To secure admission in IIT u must clear the IIT-JEE , an entrance exam conducted by IIT every year.