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Discover the process to apply for IEC (Import Export Code) registration, a 10-digit unique identification number issued by the Directorate General of Foreign Trade (DGFT), Government of India. IEC is essential for businesses and individuals involved in import and export activities in India. Find out everything you need to know about securing your IEC.
5 May 2024
Afinthrive Advisory
Purpose of IEC
IEC is required for businesses or individuals engaged in import and export activities in India. It serves as a primary identification number for tracking foreign trade transactions and facilitating customs clearance.
Who Needs to Obtain IEC?
Any person or entity engaged in importing or exporting goods or services from India is required to obtain IEC. This includes individuals, firms, companies, LLPs, trusts, and any other legal entity.
Types of IEC: :
Application Procedure for IEC
The application for IEC can be made online through the DGFT’s official website (https://dgft.gov.in/). Applicants need to fill out the IEC application form and submit the required documents, including identity proof, address proof, and bank details.
Documents Required for IEC Application
The documents required for IEC application may vary based on the type of entity applying. Common documents include PAN card, Aadhaar card, passport-sized photographs, bank certificate or canceled cheque, and address proof of the business premises.
Validity of IEC
IEC once obtained is valid for the lifetime of the entity and does not require renewal. However, any changes in the details provided in the IEC need to be updated promptly with the DGFT.
Online Verification of IEC
IEC details can be verified online through the DGFT’s website using the IEC number. This allows businesses to verify the authenticity of IEC provided by other entities for trade transactions.
Use of IEC
IEC is used for various purposes, including customs clearance, filing shipping bills or bill of entries, opening letters of credit, availing export incentives, and complying with foreign trade regulations.
Consequences of Not Obtaining IEC
Failure to obtain IEC may result in restrictions or penalties imposed by customs authorities on import and export transactions. It may also limit access to certain government incentives or benefits related to foreign trade.
When will there be requirement of IE code? :
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IEC registration enables businesses to engage in international trade by allowing them to import or export goods and services from India. It is a mandatory requirement for businesses looking to expand their presence in the global market.
IEC registration is a legal requirement under the Foreign Trade Policy of India. Without an IEC, businesses cannot undertake import or export activities, and shipments may get held up at customs.
Unlike other registrations, IEC registration does not require businesses to file any returns. Once obtained, it remains valid for a lifetime unless surrendered or cancelled.
Having an IEC simplifies the processing of import-export transactions. It streamlines the documentation process and helps in obtaining various benefits provided by the government for exporters or importers.
Businesses with an IEC can avail themselves of several benefits provided by the government, such as export incentives, subsidies, or other financial assistance schemes. These benefits aim to promote exports and enhance competitiveness in international markets.
IEC registration opens up opportunities for businesses to explore new markets and expand their customer base globally. It allows businesses to establish partnerships with international suppliers, buyers, or distributors, thereby increasing their business prospects.
Unlike some other registrations, IEC does not require the submission of PAN (Permanent Account Number) details. This makes it easier for businesses to obtain IEC, especially if they do not have PAN.
The process of obtaining IEC is relatively simple and can be done online through the DGFT (Directorate General of Foreign Trade) portal. This saves time and effort for businesses, as they can complete the registration process from the comfort of their office or home.
Having an IEC enhances the credibility of businesses in the eyes of international partners, suppliers, or customers. It demonstrates that the business is legally authorized to engage in import-export activities and is compliant with government regulations.
Businesses with an IEC can access various export incentives provided by the government, such as duty drawback, GST refunds, or export promotion schemes. These incentives help in reducing the cost of exports and improving profitability.
Here is the check list of documents required.
Get Answers to your most asked questions.
IEC registration is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. It is mandatory for businesses or individuals engaged in importing or exporting goods and services from India.
Any person or entity engaged in import or export activities, including individuals, sole proprietorships, partnerships, LLPs, companies, or corporations, needs to obtain IEC registration.
Yes, IEC registration is mandatory for all businesses or individuals involved in importing or exporting goods and services from India, except for certain categories of importers or exporters exempted by the DGFT.
Benefits of IEC registration include facilitating international trade, legal compliance, availing government benefits, easy processing of import-export transactions, access to export incentives, and enhancing the credibility of businesses in the global market.
IEC registration can be applied for online through the DGFT’s e-commerce portal (https://www.dgft.gov.in/) by filling out the IEC application form (ANF 2A) and submitting the required documents and fees electronically.
Documents required for IEC registration include PAN card, identity proof (such as Aadhaar card, passport), address proof (such as Aadhaar card, passport, utility bill), bank certificate or cancelled cheque, and other supporting documents as specified by the DGFT.
Yes, a fee is applicable for IEC registration. The fee varies based on the category of the applicant (individual or entity) and mode of application (online or offline). It can be paid electronically through the DGFT portal.
IEC is typically issued within 1 to 2 working days from the date of submission of the application, provided all the required details and documents are in order.
No, IEC registration does not have a validity period and remains valid for a lifetime unless surrendered or cancelled by the applicant.
Yes, IEC registration can be modified or cancelled by submitting a request to the DGFT along with the required documents and fees. Modifications may include changes in business details, address, authorized signatories, or additional places of business.
