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What is IEC?
If you are in business of Importing and Exporting of goods in India, it mandatory to have 10 digit Import Export Code. Many a times Import Export Code is abbreviated as IEC. Import Export Code is required for all persons or enterprises involved in Import or Export of goods. Import Export Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. Import Export Code has Lifetime Validity.
| Additional Read : | All About IEC Code Registration |
|---|---|
| APEDA - An Overview |
Procedure for Import Export Code Registration
| Additional Read : | How to get IEC Certificate? |
|---|---|
| IEC Print Online |
Document Requirements for IE Code
| LLP/ Company/ Proprietor’s PAN | Partners/ Directors/ Proprietor PAN Card |
| Address proof of Establishment - Any utility Bill/ Rent Agreement | Partners/ Directors/ Proprietor Adhaar Card |
| Cancelled Cheque of Company Account, Proprietary Account | Photo of partners/ Directors/ Proprietor |
| Company Incorporation/ Partnership/ Proprietorship Documents | Resolution from the company/ partnership authorising any one designated partner to apply for IEC Registration and the authorised designated partner’s digital signature. |
Additional Read : Documents Required for IEC Registration
Features of Import and Export Code (iec)
LegalDocs is India biggest Import Export Code Agent serving customers across India.
- It is mandatory for every importer and exporter to register under IEC
- DGFT, Customs, and Export Promotion Council guarantee benefits can be taken from the import or export. The revenue cannot be claimed without this code
- IEC code has a lifetime validity, you don’t have to renew it again and again
- Any of the property owner can obtain the code in their name, though it does not necessarily require establishing a business
- When it comes to IEC no return filling is not required and even import or export transactions are not required to be filed under DGFT
IEC Process
Process Takes around 5-7 working days once complete Documents shared.
Benefits of IEC
- Open International Market IEC helps you in taking your organization and products to the worldwide market and develop your organizations. You can also sell your products on international platforms
- Product scaling and Increased Revenue there will be a vast increase in the revenue of the organization
- Several benefits are availed the organization and various companies can avail several benefits from DGFT, customs, etc as per the IEC registration. On Exports the organization can claim tax benefits as well
- Filing of return is not required IEC does not require the recording of any profits. When allocated, there isn't any necessity to pursue any kind of procedures for supporting its legitimacy. Notwithstanding for fare exchanges, there isn't any necessity for recording any profits with DGFT
- Easiest procedure It is genuinely simple to acquire IEC code from the DGFT inside a time of 10 to 15 days subsequent to presenting the application. There isn't any need to give a proof of any fare or import for getting IEC code
- No need of any renewal IEC code is successful for the lifetime of a substance and requires no recharging. It could also be utilized by a substance against all fare and import exchanges
When you require IEC
- If an importer needs to clear his shipments from the traditions at that time IEC is required by the traditions experts
- When in importer sends cash to another country through banks at that point IEC is required by the bank
- At the point when an exporter needs to send his shipments then its required by the traditions port
- When an exporter receives foreign currency in his bank account, IEC is required
Cases where import export code is not required
- As per the latest circular passed by the government it is declared that every trader do not require IEC if they have registered themselves under GST (Goods and Services Tax). In such cases the PAN card will be used as new IEC code for importing and exporting goods
- IEC is not required until and unless you import goods for commercial use. As well as Charitable institutions do not require IEC
- If you are looking to expand your market and go beyond country borders and export/import, reach out to our experts and know all formalities you need to get through. You can avail all services such as GST registration, business registration etc.
Needs of IEC
LegalDocs is India biggest Import Export Code Agent serving customers across India.
- Importer need IEC License for custom clearance.
- Exporters need IEC License for export subsidy.
- Bank requires IEC License for sending and receiving money to foreign customers.
- For Food Licensing and APEDA Licensing IE Code is Required.
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IE Code FAQs
What is IEC?
A. IEC Stands for IMPORTER EXPORTER CODE Legal Provisions As per section 7 of Foreign Trade (Development and Regulation) Act, 1992 Importer-Exporter Code Number – “No person shall make any import or export except under an Importer-exporter Code Number granted by the Director General or the officer authorised by the Director General in this behalf, in accordance with the procedure specified in this behalf by the Director General.
Who requires an IEC?
A. Any bonafide person/ company starting a venture for International trade.
Following categories of importers or exporters are exempted from obtaining IEC number:
(i) Importers covered by clause 3(1) [except sub-clauses(e) and (l)] and exporters covered by clause 3(2) [except sub-clauses (i) and (k)] of Foreign Trade (Exemption from application of Rules in certain cases) Order, 1993.
(ii) Ministries / Departments of Central or State Government.
(iii) Persons importing or exporting goods for personal use not connected with trade or manufacture or agriculture.
(iv) Persons importing / exporting goods from / to Nepal,Myanmar through IndoMyanmar border areas and China (through Gunji, Namgaya Shipkila 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.100,000. However, exemption from obtaining IEC number shall not be applicable for export of Special Chemicals, Organisms, Materials, Equipments and Technologies (SCOMET) as listed in Appendix- 3, Schedule 2 of ITC (HS) except in case of exports by category (ii) above
Following categories of importers or exporters are exempted from obtaining IEC number:
(i) Importers covered by clause 3(1) [except sub-clauses(e) and (l)] and exporters covered by clause 3(2) [except sub-clauses (i) and (k)] of Foreign Trade (Exemption from application of Rules in certain cases) Order, 1993.
(ii) Ministries / Departments of Central or State Government.
(iii) Persons importing or exporting goods for personal use not connected with trade or manufacture or agriculture.
(iv) Persons importing / exporting goods from / to Nepal,Myanmar through IndoMyanmar border areas and China (through Gunji, Namgaya Shipkila 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.100,000. However, exemption from obtaining IEC number shall not be applicable for export of Special Chemicals, Organisms, Materials, Equipments and Technologies (SCOMET) as listed in Appendix- 3, Schedule 2 of ITC (HS) except in case of exports by category (ii) above
Can Export/Import be made without IEC?
A. No. IEC forms a primary document for recognition by Govt. of India as an Exporter/ Importer
What are the benefits of IEC?
A. On the basis of IEC License, companies can obtain various benefits on their exports/ imports from DGFT, Customs, and Export Promotion Council etc.
Whether more than one IEC can be issued against one PAN?
Only one IEC would be issued against a single PAN number. Any proprietor can have only one IEC number and in case there are more than one IECs allotted to a proprietor, the same may be surrendered to the Regional Office for cancellation. ** In case of more than one proprietorship firm belonging to one proprietor, they will be indicated as branch offices of the first firm.
How much time does it takes to get an IEC?
A. Normally two working days for processing. For cancellation of IEC 15 working days
In case the IEC is returned undelivered, what are the documents required for proving the genuineness of the firm?
A. Information to Post Office, Proof of Address-Copy of ownership Title, Registered copy of Lease Deed, copy of Telephone Bill, Electricity Bill, Registered copy of Rent deed etc. are required to confirm about the genuineness of the address. Applicant may also be asked to attend interview before the IEC issuing officer if necessary.
Can IEC be hand delivered/Over the counter?
A. No, IEC issued are dispatched by Speed Post to the address mentioned on the self addressed envelope enclosed with the application. Only Deficiency Letters along with Application form/Document will be delivered at the IEC counter to the authorized person/Applicant having the acknowledgement receipt. If Deficiency Letter is not collected within 5 days then it will be sent by post to the applicant.