What Is Import Export Code?
IEC is a unique number issued by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India. No person or entity can make any export or import without it, unless specifically exempted.
IE Code is required before you commence the business of any Import or Export, which cannot be initiated unless IE code is allotted.
The DGFT allocates only one IE code against one pan number, which is valid all over India
The regional director of DGFT having jurisdiction over the place of business is the authority who allots IE Code to all type of applicants.
The IE Code has life time validity and is a permanent identification number allotted to a entity/person wishing to start export and import business.
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IEC is a unique number allotted by DGFT, without which no person or entity can make any import or export, unless specifically exempted. There are certain conditions that have to be fulfilled and processes to be followed before the allotment of IEC. Once those are completed, IEC can be obtained from DGFT office. In general, all the Imports and Exports can be made without any other authorisation, license or permission, However, in the view of national interest or to regulate the trade of any specific commodity, the central government may restrict or prohibit the import or export of certain goods. If someone wishes to import any item which has been restricted, an application for permission to import or licence has to be made to the DGFT explaining the reason for the import or export. Primarily, without IEC Importers cannot import good and the exporters cannot avail benefits for the export scheme from DGFT.
If you want to start an international trade business then it is very important to do the Import Export Code Registration in Noida. As this code allows your business to operate in different areas. IEC code will legalize overseas trade, help services and products to reach the global market and more. It also has some additional advantages. Let’s take a look into them.
EXPANSION- Registering for Import Export Code will help you in expanding your business and reaching out to a larger market, thereby helping your business to grow by leaps and bounds.
AVAILING OTHER BENEFITS- The company can avail several benefits of their exports and import on the basis of their registration from the DGFT, Export Promotion Council, Customs, etc.
LIFE TIME VALIDITY- IEC has lifetime validity. Therefore, it does not have to be updated or renewed. It will be valid until business ceases to exist unless registration is revoked or surrendered.
NO FILING OF RETURNS- Once IEC is allotted, no procedure has to be followed and no return has to be filed to sustain its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
EASY PROCESSING- Obtaining IEC from the DGFT is quite easy. It is allotted within a period of 10 to 15 days after the application is submitted. It does not require any proof of any export or import.
Here, we have mentioned some of the essential documents that you’ll be needing during the IEC registration in Gurgaon or any other city.
IEC CODE REGISTRATION PROCESS
Issue of Import Export Code- The regional director of the DGFT scrutinises the application, which may call for further information or documents. Finally, the IE Code is allotted.
When is IEC Not Required?
According to the latest guidelines by the government, IE code is mandatory for all traders who are registered under GST. IEC is not required in cases where the goods exported or imported are not for any commercial purpose and are meant for personal use. Export or Import made by the Government of India Departments and Ministries, Notified Charitable institutions also do not need an Import Export Code.
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Our experienced team of professionals is here to help your business by providing a smooth registration process including IEC code registration services in Noida. We understand the importance of a successful business and are dedicated to making the registration process as hassle-free as possible.
We have a team of experts who are highly knowledgeable and can provide guidance and advice throughout the registration process. We are committed to your success and will work diligently to ensure that your business is registered quickly and efficiently.
IEC registration fee is worth ? 250 and can be paid via EFT.
Consequent upon introduction of GST, IEC number is the same as the PAN of the firm. The IEC would be separately issued by DGFT.
IEC holder can surrender his IEC licence online by filing a request for IEC surrender on DGFT website.
The status can be checked on the DGFT website by following the below mentioned steps. Online Application → IEC → Know your IEC Status