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+91- 8422985681
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09833628008
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hr@kshitijconsultancy.com
What is Import Export Code?
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.
Advantage Of IEC
1. Global Market Reach
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.
2. Life Time Validity
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.
3. Benefits of Schemes
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.
4. No Annual Maintenance
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.
Benefits Of IEC Registration
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.
Documents Required For IEC Code
Copy of PAN card.
Copy of ID Proof.
Cancelled Cheque.
Passport Size photoCall Us at : 8422985681 / 9833628008
PACKAGES
Basic
4,999/-
Inclusive all taxes
IEC Registration
Premium
7,499/-
Inclusive all taxes
IEC Registration
Class III ( Only Certificate, No encryption )
GST Registration
MSME Registration
Standard
5,999/-
Inclusive all taxes
IEC Registration
Class III ( Only Certificate, No encryption )
GST Registration
How to get IEC Code
Application Preparation
1-3 working days
Our 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.Application Processing
1-2 working days
Once 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.IE Code Issuance
(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).Who Requires IEC?
- Anybody who is doing commercial transactions cross border, whether import, export is required to obtain a IEC., however a service provider outside India does not required to obtain this licence until and unless the services relate to those areas which are of national security such as dealing in nuclear weapons or some automatic guns. Such licence can be obtained by any individual, freelancer, company, you can take registration right in your name in your saving account also, but of your business name then current account is necessary payment outside India
Who Are Exempted From Obtaining The IEC?
- Persons importing or exporting goods for personal use not connected with trade or manufacture or agriculture. Persons importing/exporting goods from/to Nepal, Myanmar through Indo-Myanmar border areas and China (through Gunji, NamgayaShipkila and Nathula ports), provided CIF value of a single consignment does not exceed Indian Rs.25,000. In case of Nathula port, the applicable value ceiling will be Rs. 1,00,000/-
FAQ’S About Import Export Code
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Ho to download IEC certificate?
IEC certificate can be genrated after submitting duly filed aayat niryat form 2A (ANF 2A) and payment of government fee under DGFT website. -
How to get IEC code?
IEC can be obtained from any of the Zonal and Regional offices of Director General of Foreign Trade depending on area/region where the individual/company is located. -
What is the Need of IEC code?
IEC forms the primary document for recognition by Government of India as an Exporter/Importer. On the basis of IEC, companies can obtain various benefits on their exports/imports from DGFT, Customs, Export Promotion Council etc. -
Can Export /Import be made without IEC Code ?
No. IEC forms a primary document for recognition by Govt. of India as Exporter / Importer. However, if value of goods is very law, the concerned customs officer may permit first export (only one time) by imposing penal charges. -
Can IEC be rejected by DGFT?
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Primarily it could be:
- 1. The documents are not proper (not clear etc.)
- 2. Address proof is not attached
- 3. Name and address do not match with the documents
- 4. IFSC is not mentioned on Bank Certificate
- 5. Wrong DGFT RA is selected
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What is IEC number?
- IEC number is a 10 digit number provided by DGFT IEC online to the person making import export of specified services.
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