How to Apply for IEC (Import Export Code) – Its Benefits
In this age of cut-throat competition, everyone wants to grow their business beyond the limits of the domestic request. Still, doing business encyclopedically isn’t just a mug of tea for everyone. Before going global, you need to follow several procedures and laws in place and get different enrollment and licenses. IEC (Import Export Code) license is one of the similar prerequisites when you’re thinking of importing or exporting from India. It's also known as the Importer-Exporter Law.
IEC (Import Export Code) is needed by anyone who's looking to protest- start his/ her Export-Import business in the country. It's the issue by the DGFT (Director General of Foreign Trade). IEC is a 10- number law that has continuance validity. Generally, importers' merchandisers can not import goods without the Import Export Code, and also, the exporter trafficker can not mileage of benefits from DGFT for the import scheme, etc. without IEC.
Situations Where IEC is Needed
- When an importer has to clear his shipments from the customs also it’s demanded by the customs authorities
- When an importer sends plutocrat abroad through banks also it’s demanded by the bank
- When an exporter has to shoot his shipments also it’s demanded by the customs harborage
- When an exporter receives plutocrat in foreign currency directly into his bank account also it’s needed by the bank
Way Involved in IEC (Import/ Export Code) Registration
- Visit the DGFT website
- Click on the‘ Services’ tab on the homepage
- Elect the IEC Profile Management option from the drop-down list
- A new runner will open. Click on the Apply for IEC option on the runner
- Click on the register option. Enter the needed details and click on the‘ Transferred OTP’ button
- Enter the OTP and click on the register button
- Upon successful confirmation of the OTP, you'll admit an announcement containing the temporary word which you can change after logging into the DGFT website
- After registering on the DGFT website, log in to the website by entering the stoner's name and word
- Click on the Apply for IEC option on the DGFT website
- Fill out the operation form (ANF 2A format), upload the needed documents, pay the needed freights, and click on the Submit and Induce IEC Certificate button
- The IEC law will be generated by the DGFT. You can take a printout of your instrument once the IEC law is generated
Documents necessary for IEC (Import Export Code) Registration
For IEC Code Registration, the following documents are necessary
- Individual’s or Firm’s or Company’s dupe of Visage Card
- Individual’s name id or Aadhar card or passport dupe
- Individualities or companies or enterprises cancel cheque clones of current bank accounts
- Copy of Rent Acceptance or Electricity Bill Copy of the premise
- A tone-addressed envelope for delivery of IEC instrument by registered post
Benefits of IEC Registration
IEC assists you in taking your services or product to the global request and growing your businesses.
The Companies could mileage several benefits of their significance/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC enrollment.
IEC doesn't bear the form of any returns. Once distributed, there isn’t any demand to follow any kind of process for sustaining its validity. Indeed for import deals, there isn’t any demand for filing any returns with DGFT.
It's fairly easy to gain the IEC law from the DGFT within a period of 10 to 15 days after submitting the operation. There isn’t any need to give evidence of any import or import for getting the IEC law.
IEC law is effective for the continuance of reality and requires no renewal. After it's attained, it could be used by a reality against all import and import deals.
- Cases Where Import-Export Code (IEC) is Not Obligatory
According to the rearmost indirect issued by the government, IEC isn't obligatory for all dealers who are registered under GST. In all similar cases, the Visage of the dealer shall be demonstrated as a new IEC law for the purpose of import and import. Import Export Code (IEC) isn’t needed to be taken in case the goods exported or imported are for particular purposes and aren’t used for any marketable purpose. Import/ Import done by the Government of India Departments and Ministries, Notified Charitable institutions need not bear getting Import Export Code.
