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To being exporting or importing goods from India, the business or individual must obtain an Import Export Code or IE Code from the Directorate General of Foreign Trade. Obtain the IE Code from the business after obtaining PAN and opening a bank account.
India ranks 19th in terms of overall export of merchandise and 12th in terms of the overall import of merchandize when compared to other countries. With more trade liberalization deals to be signed by the pro-business Indian Government, there is plenty of opportunity for establishing a successful import or export business. To undertake an import or export business, the Entrepreneur must have a strong understanding of all documentation pertaining to import or export transactions. In this article, we cover the basic export procedure and import procedure in India along with the necessary documentation.
As said, it is the primary requirement for the import into and export from India for the goods and specified services which enables the businesses to unlock the opportunities across the globe in international business market. It increases the global reach of the business and hence opens door for growth and expansion.
IEC registration is permanent registration which is valid for life time. Hence there will be no hassles for updating, filing and renewal the IEC registration. It is valid till the business exists or the registration is not revoked or surrendered.
IEC code has huge benefit for importers as well as exporters. The registered business entities would be able to avail benefits in form of subsidies or otherwise declared by the Customs, Export Promotion Council or other authorities. After filing LUT under GST, the exporters can make exports without payment of taxes. In case the exports are made with payment of taxes, the exporter is able to claim refunds of the amount paid as tax.
As there is no compliance listed, there is no requirement of annual maintenance fees to be paid after obtaining this code. There is no requirement of filings or renewal of the registration for each Financial Year or otherwise.
IEC is a mandatory document required to be obtained before any sort of import/export..
IEC helps to claim various tax refunds and export incentives.
Renewal of IEC is not required, once it is issued, it is issued for lifetime.
There are no periodical returns and compliances.
Copy of PAN card.
Copy of ID Proof.
1-3 working daysOur professional will make your DSC (if already not made) and gather all the necessary details mandatory and file the application along with all the requisite supporting documents on your behalf to DGFT for obtaining the IEC code.
1-2 working daysOnce the application is filed with DGFT along with the requisite application fee, the IEC department will scrutinize your application and if required may send back your application for correction for which you need to reply back within 15 days.
(Complete)Once the application is completely verified by the department, the Directorate General of Foreign Trade (DGFT) will allot an IE Code for your business. You will receive your IE code comes in both soft copy (via e- mail) and hard copy (via courier).
Well with highly qualified professionals in our team along with the technology gives edge over others, as a result highly rated professional services with full customer satisfaction is assured. We help to grow and manage your business letting you to concentrate on your business.
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