Import-Export Code is a business recognition number which is compulsory for import- export of goods and services. No person shall make any import or export except under an import export number which is granted by the DGFT. The import- export code shall be required in case of import or exports of services or technology and it is required when the import or export of goods and services provider is taking benefits under the DGFT. IEC Code is also dealing with some specified goods and services or technology. It is a 10 digit number which is given to that person who do import or export of goods and services with another countries. The nature of the firm obtaining an IEC by proprietorship, partnership, LLP, Limited Company, Trust HUF etc. It is separately issued by the DGFT.
What is Import-Export Code?
An Import-Export Code is a 10 digit number which gives to that person who do import or export of goods and services from abroad which is provided by the DGFT. IEC code which is allotted on Individual PAN Number or company PAN number for import or export of goods and services. It has several benefits form Export Development Council or DGFT.
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Procedure for IEC Code Registration
There are some following steps to getting the IEC Code Registration:-
- Visit the DGFT website.
- 2. Click on the ‘Administrations’ tab on the landing page.
- Select the ‘IEC Profile Management’ choice starting from the drop list.
- A new page will open then you click on the option of ‘Apply for IEC’
- Click on the ‘Register’ option. Fill the all required details and click on the ‘Sent OTP’ button.
- Enter the OTP and click on the ‘Register’ button.
- Upon effective approval of the OTP, you will get a notice containing the impermanent secret word which you can change subsequent to signing into the DGFT site.
- After registering on the DGFT website, login to the website by entering the user name and password.
- Click on the ‘Apply for IEC’ option on the DGFT website.
- Fill the application form (ANF 2A format), upload the required documents, pay the required fees and click on the ‘Submit and Generate IEC Certificate’ button.
- The IEC code will be generated by the DGFT then you can take a printout of your IEC Code certificate.
Also Read : Learn More About Vendor Agreement
Required Documents for IEC Registration
There are some documents which are required for IEC Registration. They mentioned below:-
- PAN Card.
- Any ID Proof like Aadhar card
- Cheque copies of current bank accounts.
- Copy of Rent Agreement
Benefits of Registration
There are some benefits to getting IEC code registration. They are given following:-
- Expansion of Business
Import-Export Code helps to growing your business and it also helps you in taking services or products to the global marketing.
- No Filing of returns
Import – Export Code does not need the filing the income tax returns. There is not any need to filing any returns with DGFT for Export transactions.
- Easy Processing
There is not required to provide the proof of any import or export for getting IEC code because at preset it is very easy to obtain the IEC code from the DGFT within a period of 10 -15 days after submits their application.
- No Need For renewal
Import Export Code is effective for the lifetime of an entity and it does not require to renewal this code. After getting the IEC Code it could be used for all import export transactions by an entity.
Also read : Income Tax Return in India
Importance of IEC Code
There are many importance for getting an IE Code by an entity but some are mentioned below:-
- International Market Unlocks: IE Code which is a required for the import and the export of business then they allow the products to reach the international market. IE code makes the entry of the Indian business to the international level and it must for growth and expansion of the business.
- Online Registration: The process to getting the IE Code is completely online and which is free and easy with submission of some documents which is required on the Portal.
- Lifetime Validity: It is a lifetime registration and its validity as long as the business is in existence. There are no issues with updating, filing, and renewing an Import Export Code registration.
- Reduces Illegal Goods Transportation: The basic requirements for the IEC which is provide authentic information. Transportation of illegal goods is impossible on this base.
- Benefits of the Schemes: IE code has many benefits for the import and export of the goods and services. The registered business entities will be able to assist all the benefits in form of the subsidies from the Customs, Export Promotion Council etc.
It concluded that the import- export code shall be required in case of import or exports of services or technology and it is required when the import or export of goods and services provider is taking benefits under the DGFT. IEC Code is also dealing with some specified goods and services or technology. The nature of the firm obtaining an IEC by proprietorship, partnership, LLP, Limited Company, Trust HUF etc. It is separately issued by the DGFT. An Import-Export Code is a 10 digit number which gives to that person who do import or export of goods and services from abroad which is provided by the DGFT.
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