Import Export Code

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Import Export Code (IE Code)

Import & Export Code is to be obtained by the business entity for import into or export from India. Import & Export Code is popularly known as the IEC number. Import & Export Code is a ten-digit unique number issued by the Directorate General of Foreign Trade (DGFT).

IEC registration certificate is mandatory for a business involved in import and export. Hence, before initiating an import of goods into India, an importer must ensure that the importing entity has GST registration and IE code, both of which are required to clear customs.

If an importer does not have both GST and IEC Code Registration, the goods will be stuck at the port and start incurring demurrage charges or could be destroyed.

Importance of Import Export Code

Businesses have a great option to enter the international market with the export and import of the products and the services they are involved in. The IE code is an essential requirement while entering the global market as it supports the growth and development of the business to a certain extent. There are various advantages of getting an IE Code.

Here we have listed a few of them:

• International market unlocks: As the IE Code is a requirement for the import and export business, it allows products to reach the global market. IE code smooths the entry of Indian companies internationally, opening doors for growth and expansion.
• Online IEC registration: The process to obtain the IE Code is entirely online and hassle-free, with minimal document submission requirements.
• Less document requirement: Obtaining an IEC does not require the submission of many documents.
• Lifetime Validity: IE Code is valid for the lifetime of the business. There are no requirements for updating, filing, or renewing the Import Export Code registration unless the business is closed or the code is revoked or surrendered.
• Reduces illegal goods transportation: To obtain an Import-Export code, applicants must provide authentic information. This requirement helps prevent the transportation of illegal goods.
• Availing Several Benefits: IEC code registration offers significant benefits for importers and exporters. Registered entities can access subsidies from Customs, the Export Promotion Council, or other authorities. With LUT filing under GST, exporters can export without paying taxes or claim tax refunds on tax-paid exports.
• Compliances: Unlike other tax registrations, those conducting imports or exports do not need to fulfill specific compliance requirements, such as annual or return filings.

Validity of IEC Code

As mentioned above, IEC Code registration is permanent and valid for a lifetime. Hence, there will be no hassles with updating, filing, and renewing the IEC registration. It is valid till the business exists or the registration is not revoked or surrendered. Further, unlike tax registrations like GST registration or PF registration, the importer or exporter does not require to file any filings or follow any other compliance requirements like annual filing.

As IE code registration is one-time and requires no additional compliance, it is recommended for all exporters & importers to obtain IE code after incorporation.

Nature of the Firm obtaining an IEC

The nature of the Firm obtaining an Import export license/registration may be any of the follows:

• Proprietorship Firm
• Partnership Firm
• Limited Liability Partnership
• Limited Company
• Trust
• Hindu Undivided Family (HUF)
• Society

Pre-Requisites for Applying for Import Export Code Registration

• Valid Login Credentials to DGFT Portal (After Registering on DGFT Portal)
• IEC may be applied on behalf of a firm which may be a Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, and Society.
• The Firm must have an active Firm's Permanent Account Number (PAN) and details like Name as per PAN, Date of Birth, or Incorporation.
• The Firm must also have a bank account in the Name of the Firm and a valid address before applying.

Note: These details will be validated with the Income Tax Department site.

Documents required for IEC Code registration

The list of scanned documents required for IEC Registration and obtaining an IEC certificate is listed as follows:

• Proof of establishment/incorporation/registration: The following types of firms need to submit the establishment/incorporation/registration certificate:
  • Partnership
  • Registered Society
  • Trust
  • HUF
  • Other
• Proof of Address: Proof of Address can be any one of the following documents:
  • Sale Deed
  • Rent agreement
  • Lease deed
  • Electricity bill
  • Telephone landline bill
  • Mobile post-paid bill
  • MoU
  • Partnership deed
• Other acceptable documents (for proprietorship only):
  • Aadhar card
  • Passport
  • Voter ID

Note: In case the address proof is not in the Name of the applicant firm, a no objection certificate (NOC) by the firm premises owner in Favor of the Firm, along with the address proof, is to be submitted as a single PDF document.

• Proof of Firm's Bank Account
• Cancelled Cheque
• Bank Certificate
• User should have an active DSC or Aadhaar of the Firm's member for submission
• Active Firm's Bank accounts for entering its details in the Application and making online payment of the application fee

Streamline Your IEC Application with Dsolve

Dsolve can assist you in obtaining an Importer Exporter Code (IEC) in India. Here's how we can help:

• Information and Guidance: Dsolve can provide you with detailed information about the Import export code application process, including the eligibility criteria and the documents required.
• Application Preparation: We can assist in preparing the necessary documentation, including the application form and supporting documents.
• Application Submission: Dsolve can submit your IEC application to the Directorate General of Foreign Trade (DGFT) on your behalf, ensuring that it is done correctly and promptly.
• Follow-up and Tracking: We can track the progress of your application and follow up with the authorities, helping you navigate any potential roadblocks or delays.
• IEC Certificate Delivery: Once your IEC is approved, Dsolve can help you obtain and deliver your IEC certificate to you.
• Expert Consultation: If you have any queries or concerns regarding IEC or international trade, Dsolve's experts can provide you with professional guidance.

Using Dsolve for your IEC application can save you time and ensure that the process is handled efficiently and accurately, allowing you to focus on your import and export activities.