The Director General of Foreign Trade (DGFT), Government of India, issued the import and export code, commonly known as the IEC, which is a 10-digit number. It is a requirement for everyone who is importing, exporting, or doing both of those things from India. Therefore, IEC is necessary for everyone who wishes to grow their business outside of India. Without IEC, it is impossible to export its products or services from India. Additionally, IEC must use the benefit programmes offered by the DGFT, Customs, and Promotion Council.
Import and Export Code Registration’s Uses
The only way for traders to export their goods outside of India is through getting a valid licence, known as an Import & Export Code Registration. Among the applications for having this code are:
Access to global markets; absence of IEC Registration compliance; absence of yearly maintenance expenses; entirely online licence application process.
Cases Where Obtaining an Import and Export Code Is Not Required –
- For traders who are registered for GST, an IEC is not necessary to be obtained. In these situations, the trader’s PAN will be used as the new IEC code for imports and exports. Additionally, IEC is not necessary if the imported or exported items are only being used for private, non-commercial purposes.
- Export and import carried out by departments and ministries of the Government of India are exempt from IEC requirements, as are recognised charitable organisations.
Steps for Import & Export Code Registration
Documents Needed For IEC Registration:
- Cancelled Cheque Copy Of Current Account Of Individual,
- Firm, Or Company;
- NOC From Landlord Where Business Is Located;
- PAN Card Copy Of Individual,
- Firm, Or Company
- Identity Proof Of Individual, Firm, Or Company
The length of time it takes to register an import and export code
Time period starting on the application date and ending when all necessary documents have been submitted:
- Application for IEC Registration: 2 days
- Obtaining of IEC Registration Number: 7 days