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IMPORT EXPORT CODE (IEC)
Getting an import and export code is a great way to help your business grow in the global market. The code, which is issued by the Directorate General of Foreign Trade (DGFT), gives you the ability to clear customs quickly and easily. To get started, simply ensure that your business entity is registered with the DGFT and that you have a valid GST registration.
If an importer does not have both an IE code and GST Registration, their goods could get held up at the port and start to rack up demurrage charges, or worse, be destroyed. Having an IE Code is essential for imports, and once you have one, it's valid for as long as your business exists--no need to renew it.
Importance of Import Export Code
Unlocks International Market: As the IE Code is a requirement for the import and export business, it allows products to reach the international market. This code makes the entry of Indian businesses into the international market smoother and opens doors for growth and expansion.
Online Registration: The process to find the IE Code is done completely online and is easy to follow with little required document submission.
Minimal Document Requirement:
Below is a list of the documents required for Import Export Code application in India.
- PAN of the applicant
- Canceled Cheque
- Passport size photo of the applicant
- Address proof of the applicant
Lifetime Validity: The Import Export Code (IE Code) registration is a lifetime registration that is valid as long as the business is in existence. This means that there are no issues with updating, filing, and renewing the registration. The IE registration is valid until the business is in existence or the registration is not revoked or surrendered.
Minimizes Illegal Goods Transportation:
The Import-Export code has a pretty stringent requirement- you need to have all your ducks in a row information-wise. Without being able to provide accurate information, you can't get an IE code. This makes it pretty tough to transport anything illegal.
Benefits of the Schemes: There are many benefits to having an IE code, both for importers and exporters. Registered businesses will be able to get subsidies from customs, the Export Promotion Council, or other authorities. With LUT filing under GST, exporters can make exports without paying taxes. If taxes are paid on exports, the exporter can claim a refund of the tax amount paid.
Compliance: Unlike other tax registrations, the person carrying out import or export does not have to fulfill any specific compliance requirements, such as annual filing or return filings. This makes the process simpler and less time-consuming for those involved.
Procedure for obtaining Import and Export Code
Exporters and importers need to file an online application in form ANF 2A.
The applicant is only required to submit two documents: one for address proof and the other a pre-printed cheque or bank certificate.
Once the online application is submitted, IEC will be auto-generated.
Intimation about allotment of IEC will be sent to applicant via SMS and email, along with a hyperlink to download and print the e-IEC.
The Regional Authority will verify the online IEC application for accuracy and compliance with guidelines. If any wrong or incomplete information is found, the applicant may face penalties or criminal charges, and the IEC may be suspended or canceled.
After an e-IEC is issued, the holder must update their profile immediately.
The profile of the importer/exporter can be found in ANF-1 of the Handbook of Procedure.
All IEC holders are responsible for updating their profiles promptly after any changes occur.
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