Import Export Code (IEC) l Steps for IEC Registration I Benefits l IEC when not RequiredNovember 9, 2021
For detailed information on IEC (Import Export Code), click here –
Import Export Code (IEC) which is also known as importer exporter code is required by anyone who is looking to kick-start his or her import/export business in the country. It is issued by the Director-General of Foreign Trade (DGFT). It is a 10-digit code that has lifetime validity. The importer merchant cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from the Director-General of Foreign Trade for the export scheme, etc. without IEC.
Steps involved in IEC Registration are –
The registration process is explained in detail in the video.
The Documents required for IEC Registration are –
Individual/Firm/Company’s copy of PAN Card
Individual’s Voter ID/Aadhar card/Passport copy
Individual/Company/Firm’s cancel cheque copy of current bank account
Copy of Rent Agreement or Electricity Bill Copy of the premise
A self-addressed envelope for delivery of IEC certificate by registered post
The Benefits of IEC Registration are –
1. IEC assists you in taking your services or product to the global market and grow your businesses.
2. The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
3. IEC does not require the filing of any returns.
4. It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application.
5. IEC code is effective for the lifetime of an entity and requires no renewal.
IEC is not mandatory for all traders who are registered under GST. In all such cases, the PAN of the trader shall be construed as a new IEC code for the purpose of import and export. It is also not required to be taken in case the goods exported or imported is for personal purposes and isn’t used for any commercial purpose.
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