What Is Import Export Code??
- IEC stands for Import Export Code. It is required for all persons importing or exporting goods or services to or from India. Setting up of a business is not necessary for the same. All exporters are required to register for the IEC number irrespective of the size of their business.
Why Import Export Code Is Required?
- It is mandatory to obtain Import Export Code for conducting all export and import activities.
- All importers who imports and all exporters who exports goods or services are mandatorily required to quote Import Export Code while clearing customs.
- Most importantly for availing benefits of various incentives schemes on exports from India, IEC is a mandatory requirement.
How To Obtain Import Export Code??
- IEC is allotted under Foreign Trade Policy. On application for IEC, DGFT issues 10 Digits number i.e code which has lifetime validity.
- The application for IEC has to be made to Director General of Foreign Trade (DGFT) at its Regional Office in form number ANF 2A physically or electronically
What Documents Are Required To Be Submit For Import Export Code?
- Identity Proof of Applicant –PAN (Compulsory).
- Business Proof of Applicant-Incorporation Certificate/Shop Act/Partnership Deed(Compulsory ).
- Registered Office Address Proof-Rental Agreement/Sell Deed, Property Tax Receipt, No Objection Letter from Landlord For Use Of Premises As Registered Office.
- Copy of Cancelled Cheque.
- Latest Electricity Or Telephone Bill.
What Are The Steps To Get Import Export Code?
- Collecting Documents
- Drafting application
- Filling of application
- Application Processing
- Completion of Registration
- Allotment of IEC
Do Import Export Code Holder Required To File Any Return??
- No return is required to be filed by IEC holders relating to import-export or relating to the Validity of IEC. IEC holder is not required to do any compliance.
Can Duplicate Import Export Code Be Obtained?
- In case if IEC number is lost or misplaced, then the holder can apply for duplicate IEC number to issuing authority by submitting an affidavit.
How To Surrender Import Export Code?
- IEC can be surrendered by IEC holder on his wish. IEC holder is required to inform issuing authority regarding surrender. Issuing authority cancels the code and communicates the same to DGFT.
Who Are Exempted From Obtaining Import Export Code Number-
- Persons importing/exporting goods from/to Myanmar through Indo-Myanmar border areas provided that CIF value of a single transaction does not exceed Indian Rs. 25,000/-
- Ministries /Departments of Central and State Government.
- Persons importing/exporting goods from/to Nepal provided the CIF value of a single transaction does not exceed Indian Rs. 25,000/-, In case of Nathula Port the limit will be Rs. 1,00,000/-
- Importing or exporting goods for personal use.