An Importer -Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted.
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
It increases the global reach of the business and hence opens door for growth and expansion globally.
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.
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.
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.
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.
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