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IEC Registration

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Import Export Code Registration in India

In spite of the negative impact of the demonetization, do you know India grew its fastest in the export business in the year of 2016-2017 with an estimate to $274.65 billion?  The world is coming closer every passing day, with back to back business innovations, reforms from the government’s end, and emerging e-commerce and other tactics chains.

The government has taken different steps to make the policies easier related to the exports in India and which in reality helped in minimizing the corruption and eased the process of doing business. Therefore, every entrepreneur, start-ups, and other companies should be aware of the legal policies and the procedure by which they can set their foot in the import-export business in India. However, without a valid IEC Registration, you would not be able to sow the seed of your import/ export business. So, let’s explore a few more about how to get your Import Export Code online in India.

What is IEC Registration?

Import Export Code is a ten-digit code having the validity of a lifetime, issued by the Directorate General of Foreign Trade (DGFT), Government of India. It is required by every person involved in the business of importing/exporting goods or services.

If you are planning to start either an import or export or both type of business in India then the first thing you would need is the Import Export Code. An IEC Registration is vital when you are carrying out a business of importing or exporting goods or services.

If in case, the import or export is related to services, then Import Export License is compulsory. Exceptional circumstances such as dealing with nuclear weapons, guns, managing atomic weapons, programmed firearms, etc. about the national security and hence is not permitted by the Government of India.

What is the need of the Import Export Code?

Import Export Code is a unique ten-digit number issued to any person or company by the Directorate General of Foreign Trade (DGFT), functional under the Ministry of Commerce and Industry so that they can carry their Import Export business in India smoothly.

When is IEC Registration Required?

An IEC Registration is mandatory if you want to start an import-export business. Moreover, you would require an Import Export Code in the following conditions;

  • It is necessary to get the Import Export License for the purpose of Importing and Exporting goods. It conveys the dealer code details with the port through which the products or services are being imported or exported. Illegal transport of goods is restricted, and hence IEC helps in reducing it because it is almost impossible to get import export code without giving the complete information of the items being imported or exported.
  • Organizations can avail of different advantages from DGFT, Customs, and Export Promotion Council on import & export through the IEC.
  • Importers need it while sending money abroad
  • Exporters need it at the customs port to send his shipments
  • Banks demand the IEC when processing the foreign currency received by an exporter

How to obtain IEC Registration Online?

First, you need to find out whether you are eligible for obtaining an Import Export Code or not. Then, you are required to fill an online application need to be filed with the Directorate General of Foreign Trade (DGFT).

After the submission of the form, the import-export code is provided to the applicant within 15 to 20 days by the DGFT. The prescribed fees for obtaining an Import-export code is Rs. 2499.

 

Furthermore, the procedure of IEC Registration is discussed below-

  • You need to prepare an application form in the prescribed format, ‘Aayaat Niryaat’ Form no. 2A
  • Then, you have to file it to the Regional office of the DGFT.
  • Furthermore, attach the required documents such as the address proof, identity proof, and bank details along with a certificate in respect of ANF2A.
  • Once you are done with your application stage, you are required to file with the DGFT via the Digital Signature Certificate {DSC} and pay the requisite fees for the Import Export Code.
  • Upon the approval of your application, finally, you will receive the IEC code in soft copy from the government.  

What are the Steps of IEC Registration?

Fresh Application

You just need to send your application to DGFT

Modification

Upload documents

Duplicate Certificate

Download Soft copy of IEC

Documents Required for IEC Registration

You are required to provide the following documents for obtaining an Import Export Code;

  • A copy of PAN card
  • Photocopy of the Aadhar Card or passport Copy or voter id
  • One canceled cheque of the current bank account
  • Finally, a copy of the rent agreement or electricity bill of the premise.

What are the Benefits of IEC?

The Import Export Code is a ten-digit code, issued by the DGFT in India and in prevalence is known as the Import Export Code. IEC Registration is a mandatory prerequisite to import or export any product from India to any other country. The benefit of obtaining the IEC is that it unlocks the international market and new business opportunities for the registration holder. Also, you can considerably enroll in online International commercial centers such as Amazon, Alibaba.com, and so on.

Other benefits of the IEC Registration in India are as follows;

  • An embellishment of your business

Having IEC helps you to distribute your product or services to the global markets and expand your business in new ways.

  • Numerous embedded Benefits

The companies can avail several benefits in their imports or export business from the DGFT, Export Promotion Council, Customs, etc. through their IEC.

  • No hassle of filing any returns

IEC does not call for any return filing. After you get the IEC code, there isn’t any follow up for sustaining its validity, i.e. it is valid for a lifetime. 

  • Handy Processing

After applying, you need to wait for around 10 to 15 days to get your IEC code from the DGFT. Furthermore, there isn’t a need to provide proof of any export or import for getting the IEC.

  • No renewal Required

IEC, once granted, has validity for a lifetime. You don’t need to apply for any renewal or have to pin updates.

Key Features of Import Export Code (IEC)

All business persons who import products or services are required to apply for Import Export Code. Additionally, all the exporters need this code to get the advantages of the export sector. Furthermore, the IEC holder does not need to file any returns. Also, it is issued for a lifetime and requires no renewal.

Other essential feature of IEC:

Business development: IEC empowers you to sell your items outside India, therefore, taking your products to the global market will expand your organization.

Government Benefits: The Government of India encourages export activities, and having IEC Registration. You can take benefit of this registration from the ends of departments like Customs, DGFT, and Export Promotion Council.

Fare Subsidies: Based on IEC code registration, organizations or firms can take advantage of and subsidies for their imports/exports from the DGFT.

Lifetime legitimacy: An Import Export Code is issued for the lifetime of your import-export business person requires any renewal process. So once an IEC is received, you can utilize it for all the import and export-related transactions without any interruption.

No Return Filing: IEC does not require the documenting of any return. Once an IEC is issued, there is no further process necessary to keep the legitimacy of the IEC registration. Furthermore, regardless of whether import or fare exchanges happen, there are no filings required to be submitted to the DGFT.

Exemption under the IEC Registration for Goods and Service Tax (GST)

IEC is not obligatory for all the traders who have GST registration. Furthermore, the following are the cases where the exception is provided for not obtaining the IEC;

  • In case the goods or services imported or exported is for personal purposes and aren’t used for any commercial purpose
  • Export or Import did by the Departments and Ministries or Notified Charitable institutions on behalf of the Government of India

Surrender of IEC Registration

In case anybody wishes to cancel or surrender IEC registration due to any reason, then the applicant can surrender it by intimating the same to the issuing authority. After receiving the intimation, the issuing body will cancel the same. The body will then transmit it to the Directorate General of Foreign Trade (DGFT), for further transmission to the customs and other regional authorities such as the RBI and Licensing authorities to intimate about the IEC number, which has become inoperative.

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