In this day and age of cutthroat competition, everyone wants to expand their business beyond the confines of the domestic market. However, doing business on a global scale is not for everyone. Before going global, you must follow several procedures and laws in place, as well as obtain various registration and licenses. When considering importing or exporting from India, one of the prerequisites is an IEC (Import Export Code) license. It is also referred to as the Importer-Exporter Code.
Anyone looking to start an import/export business in the country must obtain an IEC (Import Export Code). The DGFT is in charge of issuing it (Director General of Foreign Trade). IEC is a 10-digit code that is valid for a lifetime. Generally, importers cannot import goods without the Import Export Code, and exporters cannot benefit from the DGFT for the export scheme, etc. without the IEC.
The DGFT, Export Promotion Council, Customs, and others could provide incentives for the companies' imports and exports based on their IEC registration. There are a few additional advantages listed below.
Getting an IEC registration for import and export business and commercial purposes is critical. IEC does not need to import or export goods for personal consumption. The areas where IEC is necessary are listed below.
According to the most recent government circular, IEC is not required for all GST-registered traders. In all such cases, the trader's PAN will be interpreted as a new IEC code for the purposes of import and export. Import Export Code (IEC) is not required if the goods exported or imported are for personal use only and are not used for commercial purposes. Import/Export done by Government of India Departments and Ministries, as well as Notified Charitable Institutions, do not require an Import Export Code.
On the basis of their IEC registration, the companies could receive several benefits for their imports/exports from the DGFT, Export Promotion Council, Customs, and others. Here is the process to get these benefits.
You must prepare the appropriate documentation for your identification and legal entity, as well as an address proof with your bank account information and a certificate for the Ayat niryat form. The following documents are required for IEC Code Registration:
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