Import Export Code (IEC) and its Business Utilization

What is Import Export Code IEC?

In order to trade any product overseas from India or vice versa, of value then, it is a must-have Import Export Code (IEC). The code constitutes a ten-digit number given by the Director-General of Foreign Trade (DGFT) for businesses to carry out international trade. 

Advantages / Uses of having an Import Export Code:

1. Acts as a permit to expand your business.

2. Once applied for IEC Code, it does not require any renewal.

3. Once an IEC is assigned, it is not necessary to file tax returns.

4. Since all the information related to the goods being imported/ exported is given, the movement of fraud is decreased.

5. The advantage of refund of certain taxes paid during export of goods. 

Documents required for registration of IEC Number: 

1. PAN Card copy.

2.  Aadhar card. 

3. Passport size photographs.

4. Bank Certificate/ copy of the canceled cheque.

5. Company’s Letterhead.

6. Utility Bill, as proof, must be Latest.

How to apply for IEC Number?

As per the regulations, you can obtain an Import Export Code by applying both in the offline and online process. 

For offline registration, the applicant must download the application form from the DGFT website and enter the relevant details in the form and fill and sign each page of the application. Submit the hard copy of the application form with the documents to the Regional Director General of Foreign Trade office. Hence, this is a lengthy process that requires money along with physical presence.

You can apply for IEC Online with ease