Import & Export Code

Overview

IEC is mandatory for every commercial importer/exporter in India and in the absence of IEC no business can be undertaken in the import export category. Also, IEC is required for getting the benefits provided by the government to this sector. However, the Reserve Bank of India (RBI) has made it mandatory for all the traders to mention their Import Export Code while making any payment transfer/sending money abroad. Customs Department also seeks IEC before clearing the shipment from overseas.

Import Export Code (IEC) once issued can be used by the entity throughout its existence and does not require any renewal or filing. Once the company has obtained IEC, then the company can perform all their import export requirements without any issues.

Benefits of Import & Export Code Registration:

Growth of Business- IEC helps the business person to expand its business to the global market. By having an IEC code one can export its goods and products and create a brand in the international market.

Availing Several Benefits- DGFT, Export Promotion Council and Customs etc. provide several benefits to companies engaged in import/export on the basis of their IEC registration.

No Filling of Returns- IEC does not involve in the filing of any returns. Once IEC is allotted, there isn’t any requirement to follow any sort of processes for supporting its validity. Even for export transactions, DGFT does not mandate for filing any returns.

Trouble-free Processing- Obtaining IEC from DGFT is fairly simple and same can be obtained within a period of 1-2 days after submitting the application. No proof of export or import is required after getting IEC Code.

Free for lifetime- Once obtained IEC code is valid for the lifetime of an entity and requires no renewal. IEC can be used by an entity against all export and import transactions.

Government authorizes proof- Import Export code also works as the government identity as one can show this identity number for clearance of the shipments. The various government benefits are also obtained by having an IEC registration.

Documents Required

Documents Required for Import & Export Code Registration.