Import Export Code – IEC

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Import Export Code – IEC?
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ABOUT IMPORTER EXPORTER CODE

If you thinking about starting an export import business within India, you need to apply for a new IEC code certification. The import export code is a 10 digit number that you would need to carry out the business. The government of India has set down certain processes and regulations that applicants need to follow. It is obligatory for all businesses or individuals who are engaged in importing and exporting goods or services to have an IEC. To avail the benefits from Export Promotion Council or Customs or DGFT, one needs to have an IEC number.

ADVANTAGES

EXPANSION OF BUSINESS

IEC assists you in taking your services or product to the global market and grow your businesses.

NO FILLING OF RETURNS

IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.

 

AVAILING SEVERAL BENEFITS

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.

EASY PROCESSING

It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide a proof of any export or import for getting IEC code.

NO NEED FOR RENEWAL

IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.

 

DOCUMENT REQUIRED

Current Bank Account Details

 Self-attested copy of the PAN (permanent account number ) card

 Banker’s Certificate

 Two copies of the passport size photograph of the applicant, that is duly attested by the banker of the applicant

 Covering letter on the letterhead of the applicant’s company to request for the issue of new IEC Code Number.

ELIGIBILITY

IEC IS NOT REQUIRED UNDER THE FOLLOWING CIRCUMSTANCES:

 Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture.

 Import/export by government ministries and departments, and certain notified charitable organizations.

FAQ'S

Any person who intends to import or export goods and services from or to India must obtain Import Export Code, one can apply i.e, code online and get their IE code certificate or IE code license online.

No, tax is not levied on Import Export Code. However, custom duty maybe levied. Custom duty depends to the category of the products imported or exported. This can be found at the custom departments website.

After submitting all the requisite documents IEC is typically allotted by DGFT in 5-10 days. It is not necessary to show proof of any import or export to obtain IE Code. Now a days, as IEC can we partially applied online with the help of digital signature, IEC can be obtained in less than a week.

If you have taken IEC Certificate in new process e-IEC online, then you can download your certificate any time by login into the IEC portal with your username details. But if you had taken your IEC in physical process, you have to re-apply for e-IEC with all the documents and DGFT will provide you certificate in new online format.

If you or a company wants to modify any details in IEC license, then you can do it online in your IEC application. IEC modification required resubmitting the application with the DGFT once again with all the required documents. Also, IEC modification fee needs to be submitted with the department.

IEC is only a license permitting the import and export of goods. Therefore, no return is required to be filed under IEC code.

You will not need an IEC code under the following cases :

  • Person exporting or importing goods for personal use and not for activities related to business.
  • Persons exporting or importing goods to/from Nepal or Myanmar through Indo-Myanmar border areas, a value of which does not exceed Rs.25,000/- in a single assignment.
  • Ministries or departments of central government do not require obtaining IEC.