IMPORT EXPORT (IE) CODE REGISTRATION
WHAT IS IMPORT-EXPORT CODE?
Companies which are engaged in the IMPORT and EXPORT of goods/services are required to obtain registration which is called IMPORT-EXPORT CODE. IEC is a unique 10-digit code. Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India issues this IMPORT-EXPORT CODE. An application for obtaining IMPORT-EXPORT CODE should be made to the Directorate General of Foreign Trade (DGFT). Its application should be accompanied with all the necessary supporting documents. IE Code will be issued by DGFT within 15-20 working days from the date of submission of the application to the DGFT.
ADVANTAGES OF IMPORT-EXPORT CODE
GROWTH AND EXPANSION:
If Company register for IMPORT EXPORT code, then it will assist the company in its expansion and it will guide the company to reach out to a large market on a global scale. Therefore, in this way it will help your business grow.
ONLINE REGISTRATION
Registration for obtaining IE code is done online. It is a very simple and easy process. Simplified documents lists are attached with the application which is made through online.
NO RETURN FILING:
No return filing is required if a company obtains registration for IMPORT EXPORT CODE. Company does not need to follow any kind of procedure to ensure that its validity is maintained.
LIFETIME VALDITY:
Registration for IMPORT-EXPORT CODE is valid for lifetime. Once the registration is taken then there is no need to renew the registration. It remains valid as long as the business exists.
REDUCES THE RISK OF DEALING IN ILLEGAL GOODS
Authentic and accurate information is required to obtain an IEC Registration. IEC registration cannot be issued by the department without providing full authentic information which, as a result, restricts the illegal dealing of goods.
VALIDITY OF IMPORT-EXPORT CODE
IMPORT-EXPORT CODE is valid for lifetime. It is a permanent registration. Hence, there is no need to update, fill and renew of IE code registration. The registration becomes revoked or surrendered when the business ceases to exist. No other filings or additional compliance requirement is needed to be done by the Importer or Exporter. It is a one-time registration and requires less compliance; therefore it is recommended for all companies to obtain IE CODE after their incorporation.
IS THERE ANY EXEMPTION FROM OBTAINING IMPORT-EXPORT CODE?
IMPORT EXPORT CODE is needed when a company imports or exports any kind of goods. However, there are some categories of persons which are exempt from obtaining IE CODE. These are:
Import and export made for personal consumption.
When Import and Export are made by the Central Government or agencies or undertakings for defence purpose or other specified lists under Foreign Trade.
WHAT ARE THE STEPS INVOVED IN IMPORT-EXPORT CODE REGISTRATION?
Following are the steps which are involved in the IMPORT-EXPORT registration:
First we have to visit the DIRECTORATE GENERAL OF FORIEGN TRADE.
Then on homepage, click on the “Services” tab.
After that, choose the ‘IEC Profile Management’ from the drop down list provided to you.
A new page will open. Click on the ‘Apply for IEC’ option on the page.
Click on the Register option. You should fill all the required details and then click on the ‘SENT OTP’ button.
Then after that enter the OTP and click on the register button.
DOCUMENTS REQUIRED TO OBTAIN IMPORT-EXPORT CODE
Following are the documents which are required for registration of IMPORT-EXPORT CODE:
Pan Card of Individual or Firm or Company
Voter id card or Aadhar card or passport copy of individual
Copies of cancel cheque of current bank accounts of Individual or Company or Firm.
Copy of Electricity Bill of Premise.
Copy of Rent Agreement of the Premise.
A self-addressed envelope for delivery of IMPORT-EXPORT CODE Certificate by Registered Post.
Cancelled cheque of Company, Proprietary Account.
Incorporation Certificate of Company.
Partnership or Proprietorship documents.
Frequently Asked Questions
• Address proof of Establishment - Any utility Bill/ Rent Agreement. Cancelled Cheque of Company Account, Proprietary Account. Company Incorporation/ Partnership/ Proprietorship Documents.
• IEC code number registration fee is Rs. 250.00
• According to the latest circular issued by the government, IEC is not mandatory for all traders who are registered under GST. In all such cases, the PAN of the trader shall be construed as a new IEC code for the purpose of import and export.
• There is no need to update or incorporate the GSTIN in the IEC. However, it is informed that all IECs issued with effect from 1.07.2017, would reflect PAN as IEC.
• All IEC holders are now legally required to update and validate their IEC Details, even if there are no changes, from April to June once every year through online system, failing which their IEC shall be de-activated and no import or export activity will be possible.
