How To Find Iec Code

In this age of cut-throat contest, everyone wants to abound their business beyond the limits of the domestic market. However, doing business organization globally isn't just a cup of tea for everyone. Before going global, you need to follow several procedures and laws in place and go different registration and license. IEC (Import Export Code) license is 1 of such prerequisites when you're thinking of importing or exporting from India. Information technology is likewise known as Importer- Exporter Code.

IEC (Import Export Code) is required by anyone who is looking to kick-outset his/her import/export business organisation in the land. It is issued by the DGFT (Director General of Foreign Merchandise). IEC is a 10-digit code that has lifetime validity. Predominantly importers merchants cannot import goods without the Import Export Lawmaking and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC.

Situations Where IEC is Required

When an importer has to clear his shipments from the customs and so it's needed by the customs authorities.
When an importer sends money abroad through banks so it'southward needed by the bank.
When an exporter has to send his shipments so it's needed past the customs port.
When an exporter receives money in foreign currency directly into his bank business relationship then it's required past the bank.

Steps Involved in IEC (Import/Export Code) Registration

Visit the DGFT website.
Click on the 'Services' tab on the homepage.
Select the 'IEC Profile Management' choice from the drop-downward list.
A new page will open. Click on the 'Utilize for IEC' option on the page.
Click on the 'Annals' option. Enter the required details and click on the 'Sent OTP' button.
Enter the OTP and click on the 'Register' button.
Upon successful validation of the OTP, y'all volition receive a notification containing the temporary password which you can change after logging into the DGFT website.
After registering on the DGFT website, login to the website past entering the user name and password.
Click on the 'Apply for IEC' option on the DGFT website.
Make full the application class (ANF 2A format), upload the required documents, pay the required fees and click on the 'Submit and Generate IEC Certificate' button.
The IEC code volition exist generated past the DGFT. You can take a printout of your document once the IEC lawmaking is generated

Documents required for IEC (Import Consign Code) Registration

For IEC Code Registration, the following documents are required:

Individual'southward or Firm'south or Company's copy of PAN Card.
Individual's voter id or Aadhar card or passport copy.
Private's or visitor's or firm's cancel cheque copies of current depository financial institution accounts.
Re-create of Rent Agreement or Electricity Bill Copy of the premise.
A cocky-addressed envelope for delivery of IEC certificate by registered postal service.

Benefits of IEC Registration

Expansion of Business

IEC assists you lot in taking your services or product to the global market and growing your businesses.

Availing Several Benefits

The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Quango, Customs, etc., on the basis of their IEC registration.

No Filing of returns

IEC does not require the filing of any returns. In one case allotted, there isn't any requirement to follow whatever sort of process for sustaining its validity. Even for export transactions, there isn't whatsoever requirement for filing any returns with DGFT.

Like shooting fish in a barrel Processing

It is fairly like shooting fish in a barrel to obtain IEC lawmaking from the DGFT within a menstruum of ten to 15 days after submitting the application. In that location isn't any demand to provide proof of any export or import for getting IEC code.

No Need For renewal

IEC code is effective for the lifetime of an entity and requires no renewal. Afterwards it is obtained, it could be used past an entity confronting all consign and import transactions.

Cases Where Import-Export Lawmaking (IEC) is Not Mandatory

Co-ordinate to the latest circular issued by the regime, IEC is not mandatory for all traders who are registered under GST. In all such cases, the PAN of the trader shall be construed as a new IEC code for the purpose of import and export. Import Export Lawmaking (IEC) isn't required to be taken in case the goods exported or imported is for personal purposes and isn't used for whatever commercial purpose. Export/ Import done by the Government of Bharat Departments and Ministries, Notified Charitable institutions need not crave getting Import Export Code.

Oftentimes Asked Questions

Is IEC mandatory?

Aye. An Importer-Exporter Code (IEC) is a pregnant concern identification number that is mandatory for import to Republic of india or export from Republic of india. A person/entity cannot export or import without obtaining an IEC unless specifically exempted. Yet, IEC is non necessary for services exports, except when the service provider is taking benefits under the Strange Trade Policy.

How much time does it take to get the IEC code?

Once the online application is submitted by paying the appropriate fees and requisite documents, IEC will be auto-generated. The DGFT will send an intimation regarding the allocation of IEC to an applicant through an SMS and eastward-post along with a hyperlink through which the east-IEC can exist downloaded and printed.

Tin can individuals obtain IEC?

Yep, individuals acting as proprietors of a business can obtain IEC registration. Individuals can use either the proper noun or the name of their company to employ for IEC registration.

How tin I impress my IEC certificate?

You tin take print out of your IEC certificate past the below process:

Visit the DGFT website.
Click on the 'Services' tab on the homepage.
Select the 'IEC Profile Management' pick from the drop-down list.
A new page will open. Click on the 'Print IEC' option on the page.
Verify your details and click on the 'Print IEC' button.

Should I update my IEC profile annually?

Yes. It is mandatory to update the IEC contour every year. In instance of not-updation of the IEC profile, it will be deactivated. A deactivated IEC can be reactivated upon its successful updation. However, reactivation is subject to the condition that any other action should not exist taken for violation of any provisions of the Foreign Trade Policy.

Is Digital Signature Certificate (DSC) required to utilize for IEC?

A Digital Signature Certificate (DSC) is not compulsory to apply for an IEC. The IEC application can be signed through Aadhaar authentication. DSC has been introduced in IEC to strengthen the IEC issuance and modification processes.

Disclaimer: The materials provided herein are solely for information purposes. No chaser-customer relationship is created when y'all access or utilise the site or the materials. The information presented on this site does non institute legal or professional advice. It should not be relied upon for such purposes or used every bit a substitute for legal communication from an attorney licensed in your land.

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Source: https://cleartax.in/s/import-export-code

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