what is import-export code (IEC)?
The Import Export Code (also referred to as the IEC) is a 10-digit identification number issued by the Department of Commerce, DGFT (DGFT). Often it is known as the code for the sale of importers. This code should be bought by businesses and companies so that a business dealing with imports and exports to the Indian territory is formed. Export or import company cannot be handled without this code.
Some procedures and specifications must be followed to receive the import-export code. Some laws must also be complied with. You will get the IEC code from the DGFT offices if you satisfy the requirements. There are many regional offices throughout the country.
Benefits of import-export code :
Diversification of Business
One of the main benefits of applying for IEC is to expand business opportunities. Not only exports but also importations into Indian countries can achieve this. All companies or entrepreneurs can experience seamlessly without any burden of compliance.
Government Benefits
The company would automatically benefit from registration under the IEC system. The company can comply with all forms of compliance-related provisions. Besides, certain schemes would provide businesses with benefits.
No Requirement to File Returns
Under this system, no returns must be filed. Therefore, no need to demonstrate the legitimacy of the certification by filing the returns is assigned to the code.
Only One Time Registration
Companies choose this registration form, as it is compulsory. Besides, the business user registered in this system has limited compliance.
Required for Foreign Bank Transfers
Where a company transfers a foreign bank, the Import Export Code must be quoted.
Where a company transfers a foreign bank, the Import Export Code must be quoted.
Products shipped would be certified by the requirements of the DGFT for exports from India. Increased reputation can therefore be achieved through this process.
Documents Required for import-export code :
- Copy of PAN Card.
- Aadhar card, or a copy of their passport.
- Copy of a canceled cheque from a current bank account.
- Copy of the rental agreement or the electric bill of the office.
