Import Export Code (IEC)
It is a 10-digit number to start a business that deals with import and export in the Indian Territory. Get import export code number online with filecrat
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Import Export Code Registration
In this era of globalisation, the expansion of the business beyond the limits of the domestic market is the desire of business entities. Achievement of this goal requires certain legal procedures, registration and licenses to be followed which will include an Importer-Exporter Code for carrying out import/export beyond the boundaries of India.
The Import-Export code or ‘IEC’ is a 10-digit number issued by Director General of Foreign Trade, for carrying out import and export activities listed under Section 7 of the Foreign Trade (Development and Regulation) Act, 1992.
Benefits & Advantage
- Easy registration process as no previous proof of import/ export is required for application.
- Expansion and growth of services and products all over the globe.
- Renewal is not required to continue the business, as it has lifelong validity and once allotted it can be used against all export and import transactions of the entity.
- Permission for Import/ Export from Directorate General of Foreign Trade, Export Promotion Organisations, custom department and other concerned authority under a single code.
Requirement of Import Export Code
Import export code number is required by importers and exporters in following situations:
- It is a mandate for custom clearance process
- It is a requirement for sending money abroad directly from the bank account of importer
- It is also necessary for receiving foreign currency directly into the bank account of exporter.
In the following cases, registration of IEC import export code is not mandatory:
- Import/Export of goods for non-commercial purposes
- Import/Export by the departments and ministries of Government of India
- Import/Export by the notified charitable institutions
STEP 1: The online form is filed with a Digital Signature filling all details such as PAN, Bank A/c, and date of company’s incorporation.
STEP 2: The digital copy of required documents is uploaded and govt. fees is paid.
STEP 3: The specific DGFT regional office receives the application and may ask for further documents on scrutiny of the same.
STEP 4: After approval DGFT will allot a ten-digit IEC in three to seven working days.
Surrender of IEC Number
In case, if an IEC holder does not wish to operate the allotted IEC number, he may surrender the same by informing the issuing authority. On receipt of such intimation, the issuing authority shall immediately cancel the same and electronically transmit it to DGFT for onward transmission to the Customs and Regional Authorities.
- Consultation with our Experts
- Filing of application with DGFT
- PAN based IEC Registration Number
- Copy of Individual’s, Firm’s or Company’s PAN Card.
- Copy of Individual’s Voter Id, Aadhar card or Passport.
- Individual’s or Company’s or Firm’s cancelled cheque copy of current bank account.
- Copy of Rent Agreement in case of rented property.
- Latest utility bills.
- Photograph of the Signatory Applicant
- Copy of PAN card.
- Banker's Certificate.
- Company's Cover Letter for the issue of IEC number.
No, IEC is required for import and export related to goods as well as for services.
Since IEC is valid for the lifetime of an entity, there is no need to renew it and no requirement of filing any return.
As per the latest guidelines issued by The Government of India in Notice 9 dated 12.06.2017 in accordance with Director General of Foreign Trade, to all the IEC holders, it is not mandatory to have an IEC, as GSTIN itself would be used for purpose of transactions related to import and export business.
According to the latest guidelines issued by the Government of India by virtue of Trade Notice 9 dated 12.06.2017, all the IEC holders’, with the implementation of GST, details of business verticals of the PAN Card holder will be used for purpose of credit flow of IGST on Import of goods and refund or rebate of IGST related to export of goods. If the Government of India department is indulge in Import and Export activities then such department does not require IEC. Also if goods are used for personal purpose then it is not mandatory to have IEC.
IEC is not required in cases where the goods are used for personal use.
Not every firm has to apply for IEC as IEC is associated with a PAN Card. Hence, if a person has more than one proprietorship firm, then for each firm, only one IEC would sufficient.
If the Government of India is doing any export or import, it does not require IEC.