Import Export Code (IEC) is a 10-digit code that is mandatory for all importer and exporter establishments in India.
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Importer Exporter Code (IEC) is a 10-digit code that is mandatory for all importer and exporter establishments in India. It is the primary business identification number issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce.
Yes, it is necessary to obtain IEC registration or an IEC online certificate. Without it, export and import activities are not permitted unless specifically exempted. However, IEC is not mandatory for the export of services, unless the service provider is availing benefits under the Foreign Trade Policy.
An IEC certificate is valid for a lifetime, unless surrendered or cancelled by the issuing authority. However, all IEC holders are required to update their IEC every year from April to June, failing which results in deactivation of IEC by the DGFT.
The Directorate General of Foreign Trade requires the following groups to obtain IEC registration:
It’s important to emphasize that IEC is exclusively for registered entities in India. Hence, it’s essential to first obtain a business certificate before initiating the IEC registration process.
To apply for IEC registration, applicants need to access the DGFT portal and complete the relevant e-form. During the online filing process, applicants must upload the following documents:
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As previously stated, acquiring an importer-exporter code is mandatory to engage in importing or exporting in India. An IEC enables businesses to participate in cross-border trade, providing access to a wider global market. This can result in significant growth opportunities as it allows for the expansion of the customer base to include foreign buyers, which can ultimately lead to increased revenue and profits.
The registration of Importer Exporter Code (IEC) is essential as it is mandatory for every establishment engaged in importing and exporting goods or services in India, unless exempted. Failure to obtain IEC may result in the inability to carry out import or export activities. It helps in preventing illegal import and export activities by allowing the regulatory authorities to monitor and regulate cross-border transactions. Thus, IEC registration not only facilitates international trade but also ensures compliance with regulations and legal requirements.
Establishments with an IEC registration can access subsidies and other benefits declared by the Export Promotion Council, Customs, and other relevant authorities. Furthermore, after filing the Letter of Undertaking (LUT) and Goods and Services Tax (GST), exporters can export without paying taxes. However, if an exporter pays taxes, they can claim a refund of the paid amount.
As per Notification No. 58 issued on 12th February 2021, it is mandatory to renew or update IEC annually during the period of April to June. Failure to renew IEC may result in the discontinuation of an individual’s practices. For a clear understanding of the IEC renewal/update process, please refer to the following procedure:
Please note that IEC renewal/update is compulsory for all importers and exporters. The renewal/update process is entirely online and provides instant approval.
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