In the era of expansion of business import export has been lucrative idea. To import and export of products or services from/ to INDIA, the Government of India has specified various guidelines. The first requirement to be fulfilled is getting an Import Export Code (popularly call as IEC). IEC (importer Exporter Code) number is a 10 digit code number given to an exporter or importer by the regional office of the Director General of Foreign Trade (DGFT), Department of Commerce, and Government of India. No export or import shall be made by any person without an IEC number unless specifically exempted. Exempt Categories and Permanent IEC numbers are given in Para 2.8 of HBP v1. The Director General of Foreign Trade (DGFT) Ministry of Commerce and Industries, Government of India issues the IEC. Importers need to have this code to proceed with their business and exporters do not get any benefit from the DGFT customs in case they don’t have this code.
ADVANTAGES of iec code registration
The first requirement to be fulfilled is getting an Import Export Code (popularly call as IEC). IEC (importer Exporter Code) number is a 10 digit code number given to an exporter or importer by the regional office of the Director General of Foreign Trade (DGFT), Department of Commerce, and Government of India. No export or import shall be made by any person without an IEC number unless specifically exempted. Exempt Categories and Permanent IEC numbers are given in Para 2.8 of HBP v1.
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Global Market Reach
It increases the global reach of the business and hence opens door for growth and expansion globally.
No return filing
Registering for Import Export Code will mean that you need not file any returns. Once the code has been allotted to you, you will not be required to file your returns with the Director General of Foreign Trade.
Benefits of Schemes
IEC code has huge benefit for importers as well as exporters. 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.
No need for renewal/ LIFETIME
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.
Legally Clean
Obtaining the code is the license for importing and exporting goods and services for business purpose. It is a chief legal license that makes the cross border transactions easy and legal.
Frequently Asked Questions
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What is IEC code registration?
Import Export Code or IEC is a 10-digit code that a business or a person needs to import/export goods/services. This code is issued by DGFT (Director General of Foreign trade), Ministry of Commerce and Industries, Government of India. The validity of this code is for lifetime, that is, there is no need to renew it. This code is generated within 1-3 working days after the documents are submitted and all the corrections required are made.
How to get IEC code registered?
You can get IEC code registered by using our expert services at Super CA.
Do we require two IEC for goods & Services?
The same IEC can be used for import and export both. Quite a lot of people have the wrong idea that separate IEC codes are required for Import and export, but this is not so. There is only one registration for import and export and the same IEC number can be used while importing as well as exporting.
Do we need to file any return?
IEC registration is a one-time registration. Since it has lifetime validity, there is no need to renew it. The IEC is to be quoted at the time of importing or exporting or paying or receiving payments. No returns are to be filed for IEC as there are no post registration compliances.
Do we need IEC for personal use?
IEC is mandatory only for business and commercial purpose. There is no need for IEC to import or export goods for personal use. Hence one can import or export goods without any registration for personal use.