IMPORTER – EXPORTER CODE (REGISTRATION)
Import Export Code is popularly known as IE Code. It is 10 digit number issued by Directorate General of Foreign Trade (DGFT). DGFT is Governing Body for Import Exports of India.
In pursuance of the provisions of the Foreign Trade Policy (FTP), DGFT regulates and allots Import – Export Code or License to every individual or body corporate who is involved in the Import and export activities. Import Export Code is mandatory for Import in or Export from India. With this code you can register your business for international online marketplaces like Alibaba, etc.
The objective is to implement Act, Rules and Orders by laying down simple, transparent and compatible procedures which are user friendly and are easy to comply with and administration of efficient management of Foreign Trades of the India. In case the Import / Export is of services or technology, IEC is required in only few circumstances, when import / export is in 'specified services/ technologies', i.e. services or technologies in which international trade is restricted by the Government of India as they pertain to national security, e.g. dealing in automatic guns, specified weapons, etc.
PAN is the pre-requisite to apply for Import Export Code. IEC issued is valid for all the branches or factories of the importer/exporter.
LegalRaj expert can help you obtain your Import Export Code quickly and hassle-free.
Advantages of IEC
1. To register business at international online market.
2. To get Export benefits e.g. rebate in Import Duty, Refund of Taxes, Incentives, etc.
3. You can get Import Export Code (IEC) Registration online in minimum time.
4. IEC has lifetime Validity. Hence No Renewal Fees.
5. No Compliances like Periodic Returns even if you hold IEC. Hence No periodic Compliance Cost.
Features of Import – Export Registration
1. Global Market Reach: Importer – Exporter Code (IEC) is the primary requirement which allows and legalizes the import into and export from India for the goods and specified services which enables the businesses to unlock the opportunities across the globe in international business market. It increases the global reach of the business and hence opens door for growth and expansion of the Economy of the Country.
2. Life Time Validity: IEC registration is permanent registration which is valid for the life time of the Individual or body corporate. Hence, there will be no hassles for updating, filing and renewal the IEC registration. It is valid till the business exists or the registration is not revoked or surrendered.
3. No Compliance requirement: Unlike other tax registrations, the IEC does not require to fulfill any specific compliance requirement such as Annual Filings or Return Filings. The code possesses no need of compliance after registration.
4. Reduces the risk of Illegal transportation: IEC helps to eradicate the illegal transportation or illegal exports and imports. The centralized registration helps the officials to supervise and better administer the transactions undertaken as a part of cross border business. The accountability of prohibited or restricted transactions is apportioned very well. IEC Registration is a chief legal license that makes the cross border transactions easy and legal.