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An Importer Exporter Code (IEC) is a crucial company identifying number that is required for exporting from or importing into India. The Import Export Code, or IEC, is issued by the DGFT, Ministry of Commerce and Industries, Government of India. No one shall export or import without first obtaining an IEC. However, IEC is not required for service exports unless the service provider is receiving incentives under the Foreign Trade Policy. To import or export goods or services, a person or a corporate organization must have a ten-digit code.
Basic requirements for import and export of goods from India and services that allow companies to unlock opportunities around the world in the international business market.
Obtaining IEC is the complete online method through its common portal. the web IEC registration application makes hassles very little with a simplified documents list connected thereupon to support the applying.
The Import – Export Code is obtained by any business entity or a private. Below are the necessary documents that are needed for the Import Export Code Registration.
* PAN Card of the applier
* Passport Size photograph of the applier
* off Cheque
* Address proof of the Business
IEC registration is a permanent registration that is valid for all times. So there will be no hassle for change, filing, and renewal of IEC registration. This is valid until the business exists or the registration is revoked.
IEC exporters also have a big advantage as importers. Registered business entities will be able to receive subsidies or other benefits announced by the Customs, Export Development Council, or alternative authorities.
Unlike alternative tax registrations, the bourgeois or businessperson doesn't need to fulfill any specific compliance demand like Annual Filings or come filings. The code possesses no would like of compliance when registration.
Since no compliance is listed, there is no claim to pay an annual maintenance fee when receiving this code. No filing or renewal of registration or any other claim for each year.
Obtaining the code is that the license for importation and exportation of products and services for business functions. It is a chief legal license that makes cross-border transactions easy and legal.
IEC helps to eradicate illicit transportation or illicit exports and imports. The centralized registration helps the officers to supervise and higher administer the transactions undertaken as a part of cross-border business.
Obtaining your Import Export Code/IEC License usually takes only one day. However, because it is contingent on final permission from the DGFT, it may take another day in some circumstances. As a result, the time it takes to receive your Import Export License registration certificate ranges from 1 to 5 working days.
No, if you don't have a valid Import Export Code Registration Certificate, you won't be able to import legally. According to the latest DGFT (Directorate General of Foreign Trade) statement, no individual may export or import without first getting an IEC, unless specifically exempted.
No. A person/entity is only given one IEC. If more than one IEC code is issued, all of them must be returned to the Regional Office for cancellation.
The government charge for an IEC application is Rs 500, while the government fee for a modification is Rs 200.
No. A person/entity is only given one IEC. If more than one IEC code is issued, all of them must be returned to the Regional Office for cancellation.
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