IEC Code (Import Export) Registration

An Importer Exporter Code (IEC) is a key business identification number which is mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted/personal use.

Import Export Code is also known as IEC Code, Import Export license. In this world of Competition among business entities, every organisation wants to expand their business across the globe. IEC Code is mandatory for every business organisation which is planning to engage themselves in Import Export activities with any Foreign country.

Top reasons to get IEC Code

• IEC (Import Export Code) is required by anyone who is looking to kick-start import/export business in the country.
• It is mandatory to take IEC Code from the DGFT (Director General of Foreign Trade) which has a lifetime validity.
• With the implementation of GST, PAN of an entity will be used for the purpose of IEC, it will be alpha numeric (instead of 10 digits numeric at present) and will be same as PAN of an entity.

Benefits of IEC Code (Import Export) Registration

Import Export codes are important for importers at the time when shipments get cleared from customs and when funds are sent overseas. For exporters, it is essential when money is transferred to their bank accounts and when sending in their shipments. Below are some important benefits for your understanding:

Global Presence

IEC Code helps to bring your business at Global Platform. It is mandatory for export or import of Business and Services.

No Compliance

Once you have IEC Code Certificate, there is no need of filing any periodic returns or compliance. This is rare in any registration that a business gets in the course of business.

No Annual Maintenance

As there is no compliance listed, there is no requirement of annual maintenance fees to be paid after obtaining this code. There is no requirement of filings or renewal of the registration for each Financial Year or otherwise.

Custom Clearance

IEC Code helps your business to have smooth and hassle-free import export transactions.

PAN Based Registration

The IEC Code is provided based on the Permanent Account Number of the business organisation instead of erstwhile 10-digits number.

GST Refund Benefits

With IEC Code one can file claim for refund of Goods & Service Tax paid by its business. The exporter can make exports without payment of taxes or claim refund if tax is already paid.

Life Time Validity

IEC registration is permanent registration which is valid for life time. Hence there will be no hassles for updating, filing and renewal the IEC registration. It is valid till the business exists or the registration is not revoked or surrendered.

Ease of international Banking transactions

IEC Code helps you to have smooth and hassle-free business transactions with international entities, Bankers will credit your inward remittance with very less documentation.

Reduces the risk of Illegal transportation

IEC helps to eradicate the illegal transportation or illegal exports and imports. The centralised registration helps the officials to supervise and better administer the transactions undertaken as a part of cross border business. The accountability of prohibited or restricted transactions is apportioned well.

Eligibility of IEC Code (Import Export) Registration

Every business whether Sole Proprietorship firm, Partnership Firm, Company, Society, Trust, HUF or any other form of business in India are eligible to apply for IEC Code. The State government or Central government departments are not required to take IEC registration. They are allotted a fixed number which is quoted for any such transactions.

Documents Required for IEC Code (Import Export) Registration

If you are looking for IEC Code Registration with the help of Compliance Ease Cure LLP, you need not worry on the checklist as we look after end to end service delivery and help you compile all the documents and information required in the processing of IEC Application.

Go through the below documents list:

Legal Procedures for IEC Code (Import Export) Registration

GST Application is completely an online process at www.gst.gov.in. However, it can be summed up in below 4 steps:

• Arrangements of all documents as mentioned above
• Authorisation to Compliance Ease or its representative to file the Registration form
• Filing of Application form for Registration
• Obtaining certificate of Registration of GST

Let us Know in Detail

After receiving the Documents and required information depending on the type of sales and/or services, the GST Application Process starts on the GST Portal. We will file your application online and provide you ARN number immediately. Once the GST application and the attached supporting documents are verified by the backend Officer of the GST Portal, GSTIN and GST Certificate is generated which is sent to you by CECL Team.

Downloads

This section is to help you download some important documents that will help you to move GST Application Faster.

• Details Required for GST Application
• Letter of Authorization
• Board Resolution for GST
• GST Invoice Formats