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Contact Info
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info@taxcenterindia.com
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+91-8153002300
+91-9662299517
IEC Registration
IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code that has lifetime validity. Predominantly importer merchants cannot import goods without the Import Export Code 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 then it’s
needed by the customs authorities.
When an importer sends money abroad through banks then it’s needed by the bank.
When an exporter has to send his shipments then it’s needed by the customs port.
When an exporter receives money in foreign currency directly into his bank account then it’s required by the bank.
Benefits of IEC registration
- Expansion of business
- Availing several benefits
- No return filing
- Easy processing
- No need for renewal
FAQs
Yes. An Importer-Exporter Code (IEC) is mandatory for import to India or export from India. It is a significant business identification number for an import/export business. A person/entity cannot export or import without obtaining an IEC unless specifically exempted. However, IEC is not necessary for services exports, except when the service provider is taking benefits under the Foreign Trade Policy.
Once the online application is submitted by paying the appropriate fees and requisite documents, IEC will be auto-generated. The DGFT will send the IEC Certificate to an applicant through the e-mail.
Yes, individuals acting as proprietors of a business can obtain IEC registration. Individuals can use either the name or the name of their company to apply for IEC registration.
You can take print out of your IEC certificate by the below process:
Yes. It is mandatory to update the IEC profile every year. In case of non-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 be taken for violation of any provisions of the Foreign Trade Policy.
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.
