Documents Required for Import Export Code Registration
- Individual’s or Firm’s or Company’s copy of PAN Card.
- Individual’s voter id or Aadhar card or passport copy.
- Individual’s or company’s or firm’s cancel cheque copies of current bank accounts.
- Copy of Rent Agreement or Electricity Bill Copy of the premise.
- A self-addressed envelope for delivery of IEC certificate by registered post.
Pricing summary
- Market price : INR 2000
- LegalProIndia : INR 1500
- You saved : INR 500
- Government Fee : included
Import Export Code License
IEC is a 10 digit code number, which is issued by the Director General of Foreign Trade (DGFT).It is required by any person who is into import/export business in the country. Importers \merchant cannot import goods without the Import Export Code and similarly the exporter merchant cannot avail the benefits from DGFT for the export scheme, and others without IEC.
In this age of cut-throat competition, everyone wants to grow their business beyond the limits of the domestic market. However, doing business globally isn’t just a cup of tea for everyone. Before going global, you need to follow several procedures and laws in place and get different registration and license. IEC (Import Export Code) license is one of such prerequisites when you’re thinking of importing or exporting from India. It is also known as Importer- Exporter Code.
IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code that has lifetime validity. Predominantly importers merchants cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC.
Benefits of IEC
1.It is the primary proof for a firm as an Importer/ Exporter in India.
2.Other Several benefits-IEC is basic documents for various benefits in respect of export and import from customs, DGFT, Export Promotion Council etc.
3.It acts as a license for Importing and Exporting of goods.
4.Through IEC number, Goods are cleared from the custom authorities easily.
5.IEC reduces the transport of illegal export.
6.IEC not required for personal use.
7.Worldwide market reach– IEC enables the businesses to reach worldwide market and to grab opportunities to establish business in international markets by way of export of their products globally.
No Return Compliance: There is no specific compliance requirement such as annual filings or return fillings or any requirement of annual maintenance fees to be paid after obtaining IEC.
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FAQ
Ans: It is necessary to obtain IEC code for Import. However, certain categories of importers are exempted from obtaining Import Export Code. The details regarding the categories of importers exempted from obtaining IEC may be seen at Para 2.8 of Handbook of Procedure, Vol.-I on the DGFT website.
Ans: No separate Code is required for Import and export and the same IEC can be used for both. Many people have a wrong Idea that a separate IEC code is required, but it is not true. Only one registration is required which is mandatory for the import and export and the same IEC code can be used while importing as well as exporting. There are many benefits on obtaining IEC code for businesses.
Ans: IEC code is not required for import or export of goods for personal use. The Import Export Code is mandatory only for commercial purposes and business. One can import or export goods for personal use without any registration requirement.
Ans: The ITC (HS) Code is known as Indian Trade Classification (Harmonised System) Code which was adopted in India for exporting importing operations. An 8 digit ITC (HS) Code is used by the Indian customs for the national trade requirements.
Ans: The IEC code is required at the time of exporting or importing or receiving or paying payments. There is no need to file returns for IEC as there are no post registration compliances.
Ans: The India’s foreign trade legislation is controlled by the Foreign Trade (Development and Regulation) Act, 1992. Through this policy, the Indian government permits the imports into India and encourages exports from India.
Ans: IEC Code is not required when: – The import and export is done by the government departments The import and export is done by certain notified charitable NGOs. Products for personal use are imported or exported.
Ans: It is necessary for every person who imports or exports to obtain IEC registration. It is necessary to register with DGFT department even if the business is registered under GST.