EC refers to Import Export Code. IEC is a 10-digit code that a businessman requires to import or export his goods or services. This unique code is issued by the Director-General of Foreign Trade (DGFT) under the Ministry of Commerce and Industries, Government of India.
Anyone who is the sole proprietor of a business can get this code for a lifetime, i.e., one does not need to renew it further once issued. This code is usually generated within 5 to 15 working days after the required documents are submitted and all the rectifications if needed.
People know this code by various names, such as – Import Export License, Importer Exporter Code, Import Export Number, IE License, IE Code, etc. A person can issue this 10 digit code in either his name or under his companyโs name.
Once issued by DGFT, it will be valid for all its units, factories, and or branches. In this article, we are going to discuss how to makeย IEC registration online.
Instructions to be followed forย IEC Registration Online
- Requirement: Press ‘New’ if one requires applying a fresh IEC Code. Otherwise, select ‘Modify’ if one needs to change in the existing IEC Code.
- Constitution of Business: Choose the applicant’s business type in which name the IEC code requires to be applied.
- Business Activity: Select the main Business activity which is carried.
- PAN no. Entry: Put into the correct PAN Number of the Business Entity.
- Name of the Entity: Enter the Entity / Enterprise name, which will be printed on the IEC Certificate.
- Entity Address: Fill in the complete address, which will be written on the IEC Certificate.
- Business Owner’s Residence Address: Enter the complete residential address of the business owner.
- E-Mail ID: Put into the correct E-Mail ID of the Applicant.
- Contact No: Fill in the operative Mobile Number of the Applicant.
Benefits of IEC Code for Business Growth
1. The IEC code is the prime necessity for entering into the international or global market, which supports any business entity’s growth to a certain standard. It enhances your business’s global reach, and hereafter opens the door for business growth and expansion.
2. The totalย IEC Registration Onlineย process makes it fast and hassles free with basic documents list attested herewith to support the application.
3. This IEC registration is permanent, which means it is valid for a lifetime. There will be no trouble in updating, renewing the registration. This registration will be valid till the business’s existence tenure.
4. The registered business enterprises tend to get benefits in subsidies or other opportunities declared by the Customs department or other authorities. After filing a Letter of Undertaking (LUT) under the GST scheme, the exporter makes exports without tax payments.
5. In a business, getting the IEC code is the prime license for importing and exporting goods and services. This license makes international transactions or crosses border transactions easy, hassle-free, and legitimate.
6. IEC assists in reducing the illegal transportations of goods and services. This only registration helps the administrative officials to administer the cross-border transactions in a better way.
7. Another major benefit a business entity can avail from this IEC, i.e., there is no requirement of annual maintenance charge to be paid after getting this unique code.
8. The export person does not require fulfilling any specific consent requirement, such as Annual return filings. IEC empowers no essentiality of compliance after the registration application.
Obtaining Import Export Code with online registration is mandatory before entering into Import or Export business activities. Without this 10 digit code, the goods or specific services cannot be exported from India.
The essentiality ofย IEC Registration Onlineย cannot be discarded as it is mandatory for doing international business.ย
Import Export Code (IEC) isnโt required to obtain if the goods exported or imported are for personal uses and not used for any trading purpose. As per the latest notice issued by the Government of India, IEC is not mandatory for all traders who are registered under GST.
In all such cases, the businessperson’s PAN will be assigned as the new IEC code for the import and export business.
Read More:
How To Apply For IEC Code Registration Online and Who Needs It?
