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Import Export Code
For Indian enterprises, dealing abroad opens them a world of possibilities. Having an Importer Exporter Code (IEC) is essential for breaking into foreign markets, regardless of your goals—importing items, exporting products, or growing your firm internationally. The Ministry of Commerce’s Directorate General of Foreign Trade (DGFT) is responsible for issuing this code. To ensure seamless international commerce operations, importers rely on the IEC to clear customs and make payments to foreign banks. In a similar vein, exporters depend on the IEC to expedite the shipping and payment processes with foreign customers.
Kanoons is available to help you streamline the procedure. With our all-inclusive IEC registration services, getting the necessary IEC certificate is now simpler than ever, leaving you ready to take on the world of international trade.
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The business entity must obtain an import and export code in order to import into or export from India. IEC number, or Import & Export Code, is a commonly used term. A ten-digit unique number known as the Import & Export Code is provided by the Directorate General of Foreign Trade (DGFT).
An IEC registration certificate is required for any company that engages in import or export. Therefore, in order to clear customs, an importer must confirm that the importing entity has an IE code and a GST registration before beginning an import of goods into India.
The products will be detained at the port and may be destroyed or subject to demurrage charges if the importer does not have both an IE code and a GST registration.
The Significance of Having an Import Export Code
Businesses have a fantastic opportunity to expand into the global market by exporting and importing their products and services. Having an IE code is crucial for entering the global market as it plays a significant role in supporting the growth and development of the business. There are numerous benefits to obtaining an Import Export Code. Here are a few of them:
Expanding global reach: The IE Code is essential for import and export businesses, enabling products to access international markets. With the IE code, the entry of the international Indian company becomes more seamless, paving the way for future growth and expansion opportunities.
Register online: The process of obtaining the IE Code can be easily completed online, with minimal paperwork and no unnecessary complications.
Reduced documentation needed: It is not required to submit many documents to obtain an IEC.
Registration Validity: IE Code is a registration that remains valid for the entire duration of the business’s existence. Therefore, there are no problems with updating, filing, and renewing Import Export Code registration. The IE registration remains valid as long as the company continues to operate and the registration is not revoked or surrendered.
Minimizes the transportation of illegal goods: Providing authentic information is a fundamental requirement for obtaining the Import-Export code. In order to obtain the IE code, it is essential to provide accurate and complete information. This criterion renders the transportation of illegal goods impossible.
Enjoying Numerous Advantages: IE code offers a wide range of benefits for importers and exporters. Registered business entities can receive assistance through subsidies from various authorities such as Customs and Export Promotion Council. By utilizing LUT filing under GST, exporters have the opportunity to conduct tax-free exports. If exports are conducted with tax payment, the exporter has the opportunity to request a refund for the amount of tax paid.
Compliances: Unlike other tax registration, the person carrying import or export does not require to fulfill any specific compliance requirements such as the annual filing or the return filings.
Checking the validity of an IE Code
As stated earlier, IE Code registration is a permanent and lifelong validation. Therefore, updating, filing, and renewing the IEC registration will be a seamless process. This remains valid as long as the business continues to operate and the registration remains active. In addition, tax registrations such as GST registration or PF registration are not necessary for importers or exporters. There is no need to file any paperwork or comply with annual filing requirements.
Obtaining an IE code after incorporation is highly recommended for all exporters and importers. It is a one-time registration process that does not require any additional compliance.
Nature of the Firm obtaining an IEC
The nature of the Firm obtaining an IEC may be any of the follows:
Proprietorship Firm
Partnership Firm
Limited Liability Partnership
Limited Company
Trust
Hindu Undivided Family (HUF)
Society
Documents needed for IEC Code registration
Here is the list of scanned documents needed for IEC Registration:
Documentation of establishment/incorporation/registration: Firms of this nature are required to provide their establishment/incorporation/registration certificate:
Partnership
Registered Society
Trust
HUF
Other
Proof of Address can be provided through any of the following documents:
Sale Deed
Rent agreement
Lease deed
Electricity bill
Telephone landline bill
Mobile, post-paid bill
MoU
Partnership deed
Additional documents that are considered valid for proprietorship:
Aadhar card
Passport
Voter id
Proof of Firm’s Bank Account
Canceled Cheque
Bank Certificate
For submission, it is necessary to have an active DSC or Aadhaar of the Firm’s member.
As a business owner, it is important to have the Active Firm’s bank accounts ready to enter the necessary details in the application and make online payments for the application fee.
Please note that if the address proof is not in the name of the applicant firm, you will need to submit a no objection certificate (NOC) from the owner of the firm premises. This should be submitted along with the address proof as a single PDF document.
Simplify Your IEC Application with Kanoons
We can help you get an Importer Exporter Code (IEC) in India. Allow us to assist you with the following:
Get all the information and guidance you need from Kanoons regarding the IEC application process, including eligibility criteria and required documents.
We can help you with the preparation of all the required documentation, such as the application form and supporting documents.
Kanoons can handle the submission of your IEC application to the Directorate General of Foreign Trade (DGFT) on your behalf, guaranteeing accuracy and efficiency.
As a business owner, we understand the importance of follow-up and tracking. Rest assured, we will diligently monitor the progress of your application and proactively reach out to the authorities to address any potential roadblocks or delays that may arise.
Once your IEC is approved, Kanoons can assist you in obtaining and delivering your IEC certificate.
If you have any questions or concerns about IEC or international trade, our experts at Kanoons can offer you expert guidance.
By utilizing Kanoons for your IEC application, you can streamline the process and guarantee its efficiency and accuracy. This will enable you to dedicate your attention to your import and export endeavors, maximizing your productivity.
Start your journey with Kanoons today!
There are no specific compliances associated with an import export license or IEC code. Simply put, there is no need to file any returns or provide additional information for IEC registration, unlike other taxes. Import export code is a simple one-time formality that doesn’t require any additional procedures. Applying for IEC registration is all it takes to become an eligible importer or exporter.
No need for any returns, filings, or submissions to any government authority.
*Account Opening: We just assist you in opening Current Account in one of our partner’s bank.
No Late Fee
It has been observed that numerous small businesses incur significant penalties every year for late filing of various statutory returns to the Government. These penalties are non-tax-deductible and can adversely affect the profitability of these enterprises. At Kanoons, our primary objective is to offer cost-effective services to our clients and assist them in avoiding any late fees. In line with our commitment, we have developed cutting-edge technology that enables businesses to stay ahead of compliance requirements and prevent any penalties. Explore our range of compliance services below to ensure smooth and hassle-free operations.
FAQ
What is IE Code?
Having an Importer-Exporter Code (IEC) is an essential business identification number that is required for both exporting from India and importing to India. Unless specifically exempted, all individuals must obtain an IEC before engaging in any export or import activities.
Does IE Code incur any taxes?
Sorry, but I can’t help with that. IE Code is not a tax registration. No taxes are imposed on IE Code during the import or export of goods or services. However, there is a possibility of customs duty being imposed.
Can individuals acquire an IE Code?
Certainly, individuals who are running their own businesses can apply for IE Code Registration.
What is the typical timeframe for obtaining IE Code registration?
You can obtain IE Code Registration from the DGFT within 10-15 working days once you have submitted all the necessary documents and applications.
Do I have to file any returns for IE Code?
No. Returns need NOT be filed for IE Code.
Do I need to get an IEC code in order to import or export goods for personal use?
No need for an IEC code if you’re importing or exporting goods for personal use. The Import Export Code is required solely for commercial purposes and business. Importing or exporting goods for personal use does not require any registration.
Is IEC required if you have GST?
Getting IEC registration is a requirement for anyone involved in importing or exporting. If your business involves imports or exports, it is mandatory to register a PAN with the DGFT department, regardless of whether you have already registered under GST.
How can I make changes to my IEC application?
You have the flexibility to make as many modifications as you need to your IEC application before submitting it for processing. Logging in requires providing the precise information, such as PAN, mobile number, and email address.
What is the importance of IE Code?
When clearing customs upon arrival of goods in India, it is essential for all importers to provide their IE Code. When exporting goods from India, it is essential for all exporters to include their IE Code. In addition, the RBI now requires individuals who import or export services to include their IE Code in foreign remittances made to a bank account. Hence, obtaining an IE Code is essential for individuals engaged in import or export activities in India.
Who is required to obtain IE code registration?
Obtaining an IE Code is a requirement for anyone looking to import or export goods and services to or from India.
What documents do I need to obtain IE Code registration?
For IE Code registration, you will need to provide certain documents. These include a copy of your PAN Card, proof of address for your business, and the constitution of your business (such as a Partnership deed or Incorporation Certificate). Additionally, a letter from your banker is also required.
What are the consequences of not having an IE Code?
Having an IE Code is not obligatory; it is only required for individuals or businesses involved in importing or exporting goods or services. Thus, not having an IE Code does not incur any penalties. However, it is important to note that import/export activities cannot be conducted without an IE Code.
What is the duration of validity for the IE code?
The IE Code remains valid for the entire duration of the entity and does not require any renewals.
How are registration numbers assigned for the IEC number?
In the past, the IEC department used to assign a separate number for the IEC code. The Ministry has recently implemented revisions that require the PAN of an applicant to serve as the registration number of IEC. Therefore, the PAN and IEC numbers will be identical. As a business owner, you can rest assured that the Ministry will swiftly register you under IEC and provide you with an approval letter, which will also include your IEC number as PAN.
Is it possible to engage in Export/Import activities without obtaining an Import Export Code?
Yes. IEC is an essential document that the Government of India requires for recognizing you as an Exporter/Importer.
What advantages does IEC offer?
As a business owner, you can enjoy several advantages on your exports/imports by working with organizations like DGFT, Customs, Export Promotion Council, and more.
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