Import Export Code Registration in India -Setindiabiz

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Import Export Code (IEC) is a ten-digit number, comprising alphabets and numbers. IEC is a mandatory prerequisite to starting a business of Import or Export in India. The IEC code is a pan based registration, hence against one pan number the director general of foreign trade can issue only one IE Code. The IEC is a unique number through which a person is identified at all offices of Customs and DGFT across India. In general, all the Imports and Exports can be done without any other authorisation, license or permission, However in the national interest or to regulate the trade or any specific commodity, the central government may restrict or prohibit the import or export of certain goods. In case you wish to import any item which is restricted, an application for license or permission to import can be made to the DGFT explaining the specific reasons for the export or import.
Benefits of Import export code (IEC) in India:-
➪ The Export benefits – India has a policy, export the goods and not the taxes and therefore, aligns various export incentives. • You can claim the refund of various taxes paid while exporting the goods. • In Some case, government even waive the import duties, if you promise to export the goods within a time frame.
➪ The Complete online process - There is a complete online process for IEC registration • You don’t need to fear bureaucracy anymore.
➪ There is no compliance requirement for IEC -There is no need to file any periodical returns etc. • It is similar to PAN card.
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FAQs.
⌛ When IEC is Required?
IEC Code is required before you commence the business of any Import or Export. No Import or Export can be initiated unless IEC is allotted.
⌛ No Renewal Required
The IE Code is a permanent identification number allotted to a person desirous to do the business of Import or Export in India. It never expires.
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