It is mandatory for all business engaging in Import and Export to apply for an Import-Export code
An Importer Exporter Code is a unique 10-digit code, which is requisite for every import/export business owner in India. The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce and needs no filing or renewal. IEC is required by importers to clear customs and shipment, and to transfer money to foreign banks. Exporters require IEC to send shipments and receive money from foreign banks. In short, no importer/exporter can operate in India without getting the IEC.
To get your Import Export license online, you will need to do the following simple IEC registration procedure.
Step 1: The online IEC application form in the format Aayaat Niryaat Form no. 2A is filed with the Directorate General of Foreign Trade. Alternatively, it could also be done offline at the Regional office of DGFT.
Step 2: All the required documents, including bank details and DSC, have to be submitted
Step 3: Next, the Import Export code will be allotted and the application will be processed further
Step 4: Once the documents and application are verified by the authorities, the import export license will be granted as a soft copy to the entity
IEC stands for Import Export code which is a 10 digit number issued by Director General of Foreign Trade, Department of Commerce, Government of India. It is a registration required for traders importing or exporting goods and services to or from India.
Under the MEIS Scheme, numerous rewards and incentives are provided to exporters. Such incentives are given to exporters at a prescribed rate which varies from product to product.
Any person/company dealing in international trade of export and import of goods and Services need to register for IE code.
IE Code is not a tax registration. However, certain customs duty may be levied depending on the product.
No. IEC is a mandatory document for recognition by Govt. of India as Exporter / Importer of goods and services. However, if the value of goods is too low, the customs authorities may permit first export by imposing nominal charges which is highly unlikely to happen
Anyone who is acting as sole proprietor of a business can obtain IE code Registration. amit kumar
To obtain IE code registration, a copy of PAN Card, proof of address of business and constitution of the business [Partnership deed, Incorporation Certificate, etc.,] and a cancelled cheque of the current account is required.
With IndiaTax IEC Registration can be obtained from the DGFT in 7-10 working days after submission of all required documents and application form.
No. IEC is a mandatory document for recognition by Govt. of India as exporter/importer. However, if the value of goods is very low, the concerned customs officer may permit the first export (only one time) by imposing penal charges.
Yes, IEC number is reflected in all customs documents related to exports and imports.