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Import Export Code

Import and export code is acquired by a person who engaged in exporting and importing. It is 10 digit number issued or allotted by the Director General of foreign Trade (DGFT) under ministry of commerce and industries, the government of India for export and import transactions. Import and export is a registration which is necessary for the person who is in export and import of goods and services. An individual or a company cannot import or exports goods and services without obtaining IEC code. You can apply for IEC as an individual as well, you don’t need to be registered entity. This code is required to be furnished to banks for carrying overseas transactions including sending money abroad.

The import and export code registration need not be renewal / filing, the IEC registration is enjoyed for a lifetime. Application must be made along with necessary document which is issued by DGFT within 15-20 working days or may be less than that. No Export and Import without IEC code. It is issued with a view to maintain unique identity from entity. 

Validity

The code is valid for life time unless or until cancelled or blacklisted by government. An IEC number shall be valid for all its divisions, units, factories and branches.

Fillings

There is no requirement of filing any return on the basis of import export code. Submit Tax facilitates obtaining IEC registration in Delhi, Noida, Gurgaon, Faridabad, Ghaziabad and other cities in India.

Features of IEC Code

  • IEC license holder does not require filing of any returns
  • IEC number has lifetime validity and renewal is not required
  • Proprietors can obtain the code in their name
  • It is not required to set up a business in order to obtain IEC code

Exemption from IE code

  • Central government or state government or agencies
  • Importing or exporting goods from Nepal, Myanmar
  • Person importing or exporting for personal use there is no connection with trade or manufacture or agriculture

Advantage & Benefits of Import Export Code

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Go Global as Exporter with IEC

Go Global as Importer with IEC

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Once Registered, Done for Lifetime

No Return Filing

Avail Benefits

Duty drawback, subsidies & incentives as per Import export policy
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Primary Proof

The Code acts as a primary proof that a firm is an importer or exporter. This helps the firm to gain credibility in the market.
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Easy to Obtain

A proprietor can also obtain an IEC, without registering his business. So, it becomes easy for a sole proprietor who has not registered his business to gain the Code.

Recognition

Recognition of Business Quoting the Code is compulsory while importing and exporting of goods and services. This helps in recognition and growth of your firm internationally.

Compliance

It is mandatory to obtain the Code by the business entity to carry on export and import business and for making foreign bank transfers pertaining to trade and business
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Government Benefits DGFT

Government Benefits DGFT, Customs, and Export Promotion Council guarantee benefits procured from the import or export. Exporters cannot claim this revenue without this code. Also, the holder of the Code is not required to file any returns. Other import and export subsidies are also provided to the traders.

Documents for Online Registration of IEC

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PAN Card

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PAN card of Directors

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Address Proof of Directors

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Photo of Directors

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Rent Agreement&Electricity Bill

i

Cancelled Cheque

i

Board Resolution/Authorisation

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Certificate of Incorporation/Agreement/Deed

FAQ

What is the exception to IEC requirement?

IEC is a must for importer or exported but some categories of importers or exporters
exempted from obtaining IEC are as follows:
 Imports Covered by clause 3(1) (except subclauses (e) and (l)) and exports covered
by section 3 (20) (except subclauses (i) and (K)) of Foreign Trade (Exemption from
the application of Rules in certain cases) Order, 1993.
 Ministers or departments of Central or State government.
 If the person is importing goods for personal use and not for trade.
 if a Person importing/exporting goods from/to Nepal, Myanmar through Indo-
Myanmar border areas and China (through Gunji, Namgaya Shipkila, and Nathula
ports), given that CIF value of a single shipment does not exceed Rs. 25,000.
 In the case of Nathula port, the applicable value ceiling will be Rs. 1,00,000.
However, exemptions are not valid for export of Special Organisms, Materials, Equipment,
and Technologies (SCOMET) as mentioned in Appendix – 3, Schedule 2 of ITC (HS) except in
the case of exports by category (ii) above.

Who are required to get IEC registration?

IEC registration is required to be obtained by every importer or/and exporter.

Whether more than one IEC can be issued against one PAN?

No, more than one IEC can not be issued against a single PAN.

Does any compliance need to be done after obtaining IEC?

There is no compliance like filing of return based on IEC after obtaining it. However, after allotment of IEC, the profile is required to be updated by filing information as per Form ANF-1.