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IMPORT AND EXPORT CODE

IMPORT AND EXPORT CODE

Lot of businessmen have a strong desire to run their business in the global markets. Most of the goods and services are exported to the international markets for extending their business activities. But the requirements and protections shall not be followed by the Business owners. For every goods which are exported outside India which requires the IE code for such a transaction. With the IE Code the legal protection which carries out the business of both the importations and exportations. 

IMPORT AND EXPORT CODE (IE Code/IEC)

The Import and Export code is necessary for the business which involves the importation and exportation of the goods and services to other countries. The Import and Export code is issued by the Director General Of Foreign Trade (DGFT). It is a unique 10 digit code which is used for all the processes of import and exports of the goods and services. Further the code helps to avail many benefits from the DGFT schemes. It is also called IEC.

Who can apply for the IEC ? :

The IEC shall be applied by any individual, partnership or the organisation or the business person, trust, HOU and those who are involved in the activity of the import and exports of the goods and service to other countries, which the IEC code helps to clear the shipments, customs procedures, international transactions of funds for the business for the goods. IEC shall not be applicable for the service providers who come under the Foreign Trade Policy.

BENEFITS OF THE IEC :

The IE code is one of the important codes for the person to enter into the global markets and which helps to grow the business level into a wider range. There are certain benefits from the IEC. Those are,

  • Access to government schemes : It offers various good schemes from DGFT, which are helpful to the foreign business and breaks tax for certain imports and exports and other benefits.
  • Simple procedure : It is a very easy process to obtain the IE code from DGFT. Within the period of 10 to 15 days after the submission of the agreement we can get the code. With the minimum documents we can easily get the IE code.
  • Expansion of business : This helps to elaborate the business growth into other foreign countries which the code assists with the global markets.
  • No return filings : It does not need any return filing process, and the code is effective for lifetime and no need to renew, once registered. But every year in the months of April and June, it is necessary to update the KYC of the code.
  • Reduces illegal importations : Without the proper IE code, it prevents the transactions of unauthorised importations and exportations which reduces the illegal transportation of goods and services.

USES OF IMPORT AND EXPORT CODE IN THE EXPORT DOCUMENTS :

  • Commercial invoices : The commercial invoices are the important document which relates all the transaction details of the goods, value, and quality. The exports mention the IEC which governs the quality and assurance of exportation.
  • Bills for importer :  The code which maintains the shipment, owner assurance for the exports and all the documents.
  • Packing lists
  • Customer declarations.

For all export documents, the import and export code is used for international transportation.

NECESSARY DOCUMENTS REQUIRED :

The necessary documents required for the registration of the Import and Export Code.

  • PAN card of the individual.
  • Identity proof of the individual (Aadhar or passport)
  • Identity proof of the business or shop location Eg: Shop licence, electric bill, Rental agreement.
  • Incorporation certificate.
  • Digital signature.
  • Bank accounts used for the transaction with the statement and rejected check.
  • Partnership deed.
  • NOC.
  • Photo copies of the individual.

REGISTRATION OF THE IMPORT AND EXPORT CODE :

It is mandatory for every individual, businesses to register in the IEC, there are certain steps  and required documents are necessary to register the code. The registration process is fully online mode.

LOGIN TO DGFT PORTAL :

First we need to login to the official DGFT portal website. In this portal we can find a lot of information and updates abouts the international exports and imports business which was issued by DGFT. For the new registration of the code we need to click the Services in the portal and select the IEC registration in the list.

ENTERING PAN DETAILS :

Once we select the New registration of the IE code, the new page will display to you, which contains the online application for the IEC. by clicking the application, it requires the PAN card details, mobile number and the Email id. Once enter all the required details. The captcha will generate. 

APPLICATION FILING :

After entering into the generated captcha, It requires the verification of the PAN by serving OTP for the registered mobile number and email id. Once the verification is done. The application will display to you the details of the individuals and the business. We need to enter the information in the application form properly.

DOCUMENTS APPROVAL :

The next step is uploading the necessary documents about the business and the individuals such as address proof, bank certificates, statements in the format of standard PDF. And other required documents relating to the business like licences, company information and the documents should be scanned and uploaded in good format. Then we need to accept the terms and conditions for the ICE.

Once you complete the documents uploading and accepting the terms and conditions. A payment pop up should be displayed to you for the fee for the registration  of the IEC. Once the payment is done, you can preview your application forms and check the corrections and print the copy for official use and then submit the document.

CERTIFICATE :

Within 10 to 15 days the IE Code will be generated after the approval and verification  by DGFT. Once we receive the notification for the certificate, we shall download the certificate in the same portal by login to your User id. Then click the service tab and select the Import and Export profile, scroll down and click “MY IEC” and print the certificate.

IMPORT AND EXPORT CODE IS MANDATORY FOR EVERY TRADER

It is not mandated for every business or the traders who imports and exports the goods and services are registered with GST. The recent governmental update which guidelines that PAN is constructed into the new IEC for the import and exports. Basically the IEC is not required for the person who imports and exports the goods for personal use. It is applicable for commercial use only. As well as the import and export which is done by the Government of India and department of ministries and other notified charitable institutions are not required for the registration of Import and export Code.

CANCELLING OF IEC :

The IEC holder wants to cancel the IEC, he needs to file the online application for the surrender of the import and export code to the DGFT in the same portal. By submitting the necessary documents for the cancellation process. Once the licence is surrendered to DGFT, the importation and exportation will be suspended for the future transactions.

VALIDITY OF IEC :

Import and export code is valid for life time, once registered into the DGFT. There should not be a renewal of the code but we can update the KYC detail above the months of April and June every year. And it does not require any annual filing such as GST, income tax and other compliances.

FAQ

FAQ ON IMPORT AND EXPORT CODE :

1. WHAT IS MEAN BY IMPORT AND EXPORT CODE ?

The Import and Export code is necessary for the business which involves the importation and exportation of the goods and services to other countries. The Import and Export code is issued by the Director General Of Foreign Trade (DGFT). It is a unique 10 digit code which is used for all the processes of import and exports of the goods and services. Further the code helps to avail many benefits from the DGFT schemes. It is also called IEC.

2. WHO CAN APPLY FOR IEC ?

The IEC shall be applied by any individual, partnership or the organisation or the business person, trust, HOU and those who are involved in the activity of the import and exports of the goods and service to other countries, which the IEC code helps to clear the shipments, customs procedures, international transactions of funds for the business for the goods. IEC shall not be applicable for the service providers who come under the Foreign Trade Policy.

3. WHAT ARE THE NECESSARY DOCUMENTS REQUIRED FOR IEC REGISTRATION ?

The necessary documents required for the registration of the Import and Export Code.

  • PAN card of the individual.
  • Identity proof of the individual (Aadhar or passport)
  • Identity proof of the business or shop location Eg: Shop licence, electric bill, Rental agreement.
  • Incorporation certificate.
  • Digital signature.
  • Bank accounts used for the transaction with the statement and rejected check.
  • Partnership deed.
  • NOC.
  • Photo copies of the individual.
4. WHAT ARE THE PROCESS OF CANCELLING IEC ?

The IEC holder wants to cancel the IEC, he needs to file the online application for the surrender of the import and export code to the DGFT in the same portal. By submitting the necessary documents for the cancellation process. Once the licence is surrendered to DGFT, the importation and exportation will be suspended for the future transactions.

5. WHAT ARE THE BENEFITS OF THE IEC ?

There are certain benefits from the IEC. Those are,  

  • Access to government schemes.
  • Simple procedure .
  • Expansion of business.
  • No return filings.
  • Reduces illegal importations.
IMPORT AND EXPORT CODE
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