Import Export Code
Import Export Code or IEC is a 10-digit code that a business or a person needs to import/export goods/services. This code is issued by DGFT (Director General of Foreign Trade), Ministry of Commerce and Industries, Government of India and Settle My Tax will be assisting you in every way possible to make your IEC Registration Online in India. The validity of this code is for a lifetime, that is, there is no need to renew it. This code is generated within 5-15 working days after the documents are submitted and all the corrections required are made.
This code has many names, like importer exported code, import-export code, import-export license, import-export number, IE code, IE license. You can issue this code in either your name or under the company’s name with the help of Settle My Tax. Once issued, it is valid for all its divisions/units/factories/branches.
Import Export Code
IEC Will Be Required In The Following Situations
- When an exporter collects money in International currency directly into his Bank Account then it’s required by the Bank
- 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 importer has to clear his shipments from the customs then it’s needed by the customs administrations
Steps To Apply Import Export Code
Anyone can apply directly with Settle My Tax or the Government for IEC Registration Online in India. The process is long and requires 60 days to get completed:
Step 1: Application Preparation
To get code an application must be made in the Aayaat Niryaat Form 2A format to the DGFT in that region where the registered office of the company is established. The government has also arranged an online filing facility for obtaining IEC CODE ONLINE.
Step 2: Application Processing
Details of the business and its proprietors, directors or partners, bank account details, and a bank certificate are the basic requirements of ANF 2A. All the required documents for IEC need to be submitted with ANF 2A. A digital signature is required on the ANF2A form.
Step 3: IEC Fee Payment
Once the application is complete, it should be filed with DGFT and an application fee needs to be paid to the government. IEC department may send back your application for correction/change. You need to reply to the DGFT in 15 days.
Step 4: IE Code Issuance
Once the application is completely verified by the department, the Directorate General of Foreign Trade will allot an IE Code for your business. This IE code comes in both soft copy and hard copy. You receive the softcopy via email and can start the import-export transaction with this.
Documents Required For IEC (Import Export Code) Registration
For IEC Code Registration following documents are required:
- Individual’s or Firm’s or Company’s copy of PAN Card
- Individual’s voter id or Aadhar card or passport copy
- Individual’s or company’s or firm’s cancel cheque copy of current bank account
- Copy of Rent Agreement or Electricity Bill Copy of the premise
Benefits Of IEC Registration
- Easy Processing
It is fairly easy to obtain an IEC code from the DGFT within a period of 10 to 15 days after applying. There isn’t any need to provide proof of any export or import for getting IEC code.
- Availing Several Benefits
The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., based on their IEC registration.
- No Filling of Returns
IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
- Expansion of Business
IEC assists you in taking your services or product to the global market and grow your businesses.
- No need for Renewal
IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.