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IEC (IMPORT EXPORT CODE) – HOW TO APPLY

In this age of cut-throat competition, everyone wants to grow their business beyond the limits of the domestic market. Doing business globally is more easy now-a-days due to the advent of internet and technology. However, before going business globally, you need to follow several procedures and laws and get various registration and license. IEC (Import Export Code) license is one of such prerequisites when you’re thinking of importing into or exporting from India. It is also known as Importer- Exporter Code.

IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code that has lifetime validity. Predominantly importer merchants cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc., without IEC.

SITUATIONS WHERE IEC IS REQUIRED

  • When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
  • When an importer sends money abroad through banks then it’s needed by the bank.
  • When an exporter has to send his shipments then it’s needed by the customs port.
  • When an exporter receives money in foreign currency directly into his bank account then it’s required by the bank.

STEPS INVOLVED IN IEC (IMPORT/EXPORT CODE) REGISTRATION

  • Visit the DGFT website.
  • Click on the ‘Services’ tab on the homepage.
  • Select the ‘IEC Profile Management’ option from the drop-down list.
  • A new page will open. Click on the ‘Apply for IEC’ option on the page.
  • Click on the ‘Register’ option. Enter the required details and click on the ‘Sent OTP’ button.
  • Enter the OTP and click on the ‘Register’ button.
  • Upon successful validation of the OTP, you will receive a notification containing the temporary password which you can change after logging into the DGFT website.
  • After registering on the DGFT website, login to the website by entering the user name and password.
  • Click on the ‘Apply for IEC’ option on the DGFT website.
  • Fill the application form (ANF 2A format), upload the required documents, pay the required fees and click on the ‘Submit and Generate IEC Certificate’ button.
  • The IEC code will be generated by the DGFT. You can take a printout of your certificate once the IEC code is generated.

BENEFITS OF IEC REGISTRATION

  • Expansion of business

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

  • 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.

  • No return filing

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

  • 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 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.

 

FAQ

Licensing Procedures. India's import and export system is governed by the Foreign Trade (Development & Regulation) Act of 1992 and India's Export Import (EXIM) Policy. Imports and exports of all goods are free, except for the items regulated by the EXIM policy or any other law currently in force.
Import licenses are considered to be non-tariff barriers to trade when used as a way to discriminate against another country's goods in order to protect a domestic industry from foreign competition. Each license specifies the volume of imports allowed, and the total volume allowed should not exceed the quota.
An export license is a government document that authorizes or grants permission to conduct a specific export transaction (including the export of technology).
One of the biggest benefits of an import-export license is that you don't need to file any returns. Once you get the license, you won't need to follow standard processes to sustain its validity, which is usual with many other licenses.
Merchant exporters are compulsorily required to obtain registration under GST. Make an export under bond/LUT, and then the unutilized input tax credit can be claimed as a refund.
IEC is a mandatory unique 10-digit code for import and export from India. It is issued by the Director General of Foreign Trade (DGFT) and is valid for the lifetime of the entity.
Yes. An Importer-Exporter Code (IEC) is mandatory for import to India or export from India. It is a significant business identification number for an import/export business. A person/entity cannot export or import without obtaining an IEC unless specifically exempted. However, IEC is not necessary for services exports, except when the service provider is taking benefits under the Foreign Trade Policy.
Once the online application is submitted by paying the appropriate fees and requisite documents, IEC will be auto-generated. The DGFT will send an intimation regarding the allotment of IEC to an applicant through an SMS and e-mail along with a hyperlink through which the e-IEC can be downloaded and printed.
Consequent upon introduction of GST, IEC being issued is the same as the PAN of the firm. However, the IEC will still be separately issued by DGFT based on an application.

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