BASIC PLAN
IEC – IMORT EXPORT CODE REGISTRATION:
o Import Export Code or IEC Code is a 10-digit code that a business or a person needs to import/export goods/services.
o This code is issued by DGFT (Director General of Foreign trade), Ministry of Commerce and Industries, Government of India.
o The validity of this code is for lifetime, i.e. there is no need to renew it.
o This code is generated within 5-15 working days after the documents are submitted and all the corrections required are made.
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IMPORT EXPORT CODE REGISTRATION
- Import Export Code or IEC Code 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.
- Visit the DGFT website.
- The validity of this code is for lifetime, i.e. 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 etc. You can issue this code in either your name or under company’s name. Once issued, it is valid for all its division/units/factories/branches.
- BENEFITS OF IEC REGISTRATION:
- Expansion of Business: IEC assists you in taking your services or product to the global market and growing your businesses.
- Availing several benefits: The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
- No Filing of returns: IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of process for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
- Easy Processing: It is fairly easy to obtain IEC code from the DGFT within a period of 10 – 15 days after submitting the application. There isn’t any need to provide proof of any export or import for getting IEC code.
- 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.
- Import Export Code is required in following situation :
- a) When importers have to clear the shipments from the customs then it’s required by the customs.
b) When importers send the money to abroad via banks then it’s required by the banks through SWIFT Code.
c) When exporters have to send the shipments then its required by the customs port.
d) When exporters received the money in foreign currency directly into the bank then its needed by the banks. - Cases where Import-Export Code (IEC Code) is not mandatory:
- According to the latest circular issued by the government, IEC is not mandatory for all traders who are registered under GST.
- In all such cases, the PAN of the trader shall be construed as a new IEC code for the purpose of import and export.
- Import Export Code (IEC) isn’t required to be taken in case the goods exported or imported is for personal purposes and isn’t used for any commercial purpose.
- Export/ Import done by the Government of India Departments and Ministries, Notified Charitable institutions need not require getting Import Export Code.
DOCUMENTS REQUIRED FOR IMPORT EXPORT CODE REGISTRATION
- For Individual/Proprietor/Partner/Director:
- Self-attested copy of PAN card (mandatory).
- Copy of authorization letter and NOC (In case of Partnership).
- Copy of Partnership Deed (In case of Partnership).
- Copy of Board resolution(In case of Company).
- Authority from Directors on company letterhead (In the case of Company).
- Bank Certificate/Cancelled Bank Account cheque (Individual).
- Passport size photographs.
- Identity proof of Individual/ director/ Partner/ Proprietor
- Passport.
- Aadhar card.
- Voter ID.
- Driving license.
- Address proof
- For Entity:
- Copy of PAN Card (for Firm/Company).
- Copy of MoA and AoA (For company).
- Copy of Bank statement (For Company/Firm).
- CoI(For Company)/ Partnership Agreement.
- Cancelled Bank Account cheque (For Firm).
- Company Letterhead (For Company).
- Address proof.
FREQUENTLY ASKED QUESTION - FAQ.
What is important Import Export Code Registration?
- 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.
- The validity of this code is for 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.
What is the procedure of getting Import Export Code registered?
Step 1:
- Preparing application In order to get IEC Code an application must be made in the Aayaat Niryaat Form 2A (ANF2A) format to the DGFT in that region where the registered office of the company is established.
- Government has also arranged online filing facility for obtaining IEC CODE ONLINE.
Step 2:
- Processing of application 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.
- Digital signature is required on the ANF2A form.
Step 3:
- Payment of fee Once the application is completed, 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 back to the DGFT within 15 days.
Step 4:
- IE code assurance Once the application is completely verified by the department, the Directorate General of Foreign Trade (DGFT) will allot an IE Code for your business.
- This IE code comes in both soft copy and hard copy. You will receive the softcopy via email and can start the import export transaction with this.
What are the documents required to get Import Export Code registered?
The documents required to get Import Export Code (IEC Code) registered are:
- Copy of PAN card firm/company.
- Copy of property papers (if owned property).
- Copy of rent agreement (if rented property).
- Landlord NOC (format will be provided by us).
- Cancelled cheque of firm • Electricity/water bill (business place).
- Telephone bill in the same name.
- Copy of tax returns (in case of proprietorship).
- Certificate of incorporation (in case of company).
- Bank statement of firm/Company.
- AOA and MOA (In case of company).
- 1 letter head of company (in case of company)
Can a person or entity have more than 1 IEC Code?
No. Only 1 IEC is issued to a person/entity. • So, if more than 1 IEC code is issued, then the same should be surrendered to the Regional Office for cancellation.
What happens if IEC number is lost or misplaced?
In the case if you lost/ misplaced your IEC number , then you need to provide an affidavit so that the issuing authority of the IEC code can issue a copy of your IEC number.
Can I surrender my IEC number?
Yes, you can surrender your IEC number. You need to inform the issuing the authority about such decision. And they shall immediately cancel your IEC number after electronically transmitting it to DGFT for onward transmission to the Customs and Regional Authorities.
Who should get IEC number?
Any person/business trying to start his export/import business is required to get IEC number.
Can individuals apply for IEC?
Yes, Individuals can apply for IEC, if they own a business in proprietorship or partnership.
Is there any tax levied on IEC code?
No, there is no tax levied on IEC code. However, custom duty may be imposed. It depends on the category of the products imported or exported. For more information, go on to the custom department’s website.
How can I get a duplicate IEC certificate On-Line?
- If you have taken IEC Certificate in new process e-IEC online, then you can download your certificate any time by login into the IEC portal with your username details.
- But if you had taken your IEC in physical process, you have to re-apply for e-IEC with all the documents and DGFT will provide you certificate in new online format.
How can I modify my IEC code?
- If you or a company wants to modify any details in IEC license, then you can do it online in your IEC application.
- IEC modification required again resubmitting the application to the DGFT with all the required documents. Also, IEC modification fee needs to be submitted with the department.
Does one need to file monthly returns under import export code?
IEC is only a license permitting the import and export of goods. Therefore, no return is required to be filed under IEC code.
Who is not required to obtain IEC code?
IEC code will not be needed under the following cases:
- Person exporting or importing goods for personal use and not for activities related to business.
- Persons exporting or importing goods to/from Nepal or Myanmar through Indo-Myanmar border areas, a value of which does not exceed Rs.25,000/- in a single assignment.
- Ministries or departments of central government do not require obtaining IEC.
Is IEC used by customs? If so, how many days are required to submit the information to them?
Yes, the IEC information is used by the custom department to ensure easy imports. And the information is transferred to them electronically on the day of the issue of IEC.
How can an NRI apply for IEC?
Normal procedure is followed to obtain IEC code in case of NRIs. In some exceptional cases, the permission from RBI/FIPB is required.
What are the documents needed for NRI's to get IEC code?
Board resolution, Memorandum of Association (MOA), copy of passport, including all the documents required by an Indian citizen/company/proprietorship firm.
Is the requirement of IEC is item based?
No, IEC is not item based.It is issued to the user only once and there is no need to issue it for every item. The same can be used to export/import different items.
Does IEC needs to be revalidated after a period of time?
There is no need to update the IEC, if there is PAN incorporated in it. But the same should be updated for changes in name/address etc.
IEC is only a license permitting the import and export of goods. Therefore, no return is required to be filed under IEC code.
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