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Import Export Code

The Import –Export code(IEC)having 10 digit unique number which is mandatory for the Import –Export business and the IEC is issued by the Directorate General of Foreign Trade(DGFT)to import and export in India. An individual /entity which is engaged in import or export of goods or services cannot do the business until IEC is obtained. if an individual is not having IEC code and GST registration for its import business the goods will remain at the port until documents are provided The Import –Export Code helps to grow the business globally. The trader must ensure that the entity should have IEC and GST registration before import or export of goods or services are initiated.

Importance of Import Export Code

International Market Unlocks: The IEC is required for the Import and Export business which allows the products to reach globally. The growth and expansion of the Indian business in the international market runs smoother with the help of IEC

Online Registration: In Online Registration process we need less documents for submission as IEC is completely online and hassle-free.

Less Document Requirement: The user needs to submit online application by providing the required documents and then we should upload it. The following are the list of some mandatory documents that are required for obtaining the Import Export Code.

  •  PAN of the applicant is mandatory
  • Canceled Cheque is needed
  • Passport size photo of the applicant is needed
  • Address proof of the applicant is also required
  • In case of Companies MOA,AOA and Certificate of Incorporation is mandatory

IEC need to be Renewed Annually: .Once the IEC is registered for the entity the same need to be annually renewed till the registration is not surrendered or revoked. In case the IEC is not renewed the same will be deactivated by the DGFT Directorate General of Foreign Trade

Benefits of the Import export code: For the expansion of business in global market the Entity need IEC for the products to Import and Export. IEC holder can avail many benefits like no return is required to be filled, Trade promotion councils etc.. While filling LUT under GST the exporters can make exports without paying taxes and the exporters can also claim the refund of the paid tax amount. The main benefit of this is the businesses receive opportunity to unlock the international market and expand their business.

Compliance: In Import and Export code there is less compliance when compared to the other tax registration such as the annual filling or the return fillings.