If you are planning to begin an import-export business in India then firstly you will require an Import Export Code (IEC). An IEC is very important when you are in a business of importing or exporting goods. If in case, the import/export is related to services or latest technologies then IEC Registration is must. The limited circumstances such as dealing with nuclear weapons, guns, managing in atomic weapons, programmed firearms etc they are pertain to the national security and hence restricted by the Government of India.
What is The Need for IEC Registration?
IEC is a unique 10 digit number which is issued to any person or company by the Director General of Foreign Trade (DGFT), part of the Ministry of Commerce and Industry so that he may carry his Import Export business in India. IEC Registration is required to get the License for Importing and Exporting goods. It is enrolled with the dealer code details with the port through which the goods are being imported or exported. Illegal transport of goods is restricted and IEC helps in reducing that as it is impossible to get IEC Registration without giving the complete information of goods. Custom authorities clear the goods only by checking the IEC Registration. Organizations can avail different advantages from DGFT, Customs, and Export Promotion Council on import & export.
What Are The Benefits Of IEC Registration?
The import-export code is issued by the DGFT in India, and is prevalence known as IEC code, which is a 10digit number. IEC Registration in an obligatory prerequisite to import or export any product from India. The benefit of IEC Registration is that it unlocks the international market. You can considerably enroll for International online commercial centers like amazon.com, Alibaba.com and so on. India has a different strategy, trade the goods and not the taxes which aligns different fare incentives. You can guarantee the refund of different expenses paid while sending out the products. In some situation, the government even waive the import obligations, in the event that you guarantee to send out the goods within a time period.
What Are The Features Of Import Export Code?
All merchants who import products are required to enlist Import Export Code and all exporters require this code to get the advantages of exports. IEC registration holder does not require to fill any returns, it is issued for the lifetime and requires no renewal. Indeed, people who are proprietors can get the code in their name audit isn’t important to set up a business for the same.
Following are the highlights of the IEC Registration:-
Business development: Taking your administrations or products to the universal market will expand your organization and IEC empower you to sell your items outside India.
Fare Subsidies: Based on IEC registration, organizations or firms can take advantages and subsidies their imports/exports from DGFT.
Lifetime legitimacy: Import Export Code is issued for the lifetime of your import export businessperson require any renewal process. So once an IEC Code is received, it can be utilized for all transactions without any interruption.
No Return Filing: IEC Code does not require the documenting of any return. Once, an IEC Code is issued there is no further process required to keep up the legitimacy of the IEC registration. Regardless of whether import or fare exchanges happen, there are no filings required to DGFT.
What Are The Documents Required For IEC Registration?
Before you apply for import export code, ensure the following documents are with you. Have a look at them:-
- PAN Card of the applicant,
- Current Bank account,
- Identity Proof,
- Passport Size photographs,
- Residential address proof,
- Details of your partners,
- Digital Signature,