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What is the Full Form of IEC?
IEC stands for Importer-Exporter Code. Allotment of Importer Exporter Code IEC is mandatory for Enterprises engaged in Import and export activities. Failing to obtain IEC can result in penalties or even legal consequences. It is legal proof for business’s having international trade operations.
Registration of IEC is required for Export from India as well as Import in India.
What are the Benefits of IEC ?
The following are the advantages of Allotment of IEC :-
Worldwide Recognition
Any person or corporate organization that has IEC certification will profit from global recognition since the items exported will be acknowledged worldwide. As a result, such a corporate structure enables the brand to be more competitive while also increasing customer trust and confidence.
Simplified Online Process
The application procedure for IEC codes has been deliberately designed to be straightforward, Online & easy for every applican.
Advantages and Govt Subsidies
Export of commodities produced/manufactured in India increases the country’s foreign reserves. As a result, to encourage the manufacturing of high-quality items and their export outside of India, The government of India provides a variety of advantages and subsidies to people and/or corporate organizations, such as tax breaks, rebates, and subsidies. It could only be received by someone with a valid IEC.
Fewer Compliances
One of the most significant benefits of having a valid IEC is that it requires much less legal filings or compliance procedures than other licenses. As a result, a person or business entity with an IEC who does import and/or export activities is not needed to submit any periodical returns or any superfluous fees or license renewal costs from time to time.
Legal Credibility
The IEC code provides consumer confidence and legal credibility in the relevant market for any person or company entity seeking registration. Failure to get registration on time may expose such person or corporate entity to intensive scrutiny, prosecution, and the payment of a large penalty.
Eliminate Illegal Cross – Border Trades
In the past, items were illegally transported across borders for export-import. Yet, with IEC code, it is simpler for government officials and administration to keep track of every transaction pertaining to export or import.
Document Require for Registration ?
For Proprietorship
- Pan Card
- Aadhar Card
- Cancel the cheque
- an electricity bill or rent agreement
For Partnership?
- Partnership Firm Pan Card
- Partnership Deed
- Firm’s cancel cheque
- Aadhar Card and Pan Card of all partners
For Company, LLP, or Others
- Company Pan Card
- Certificate of Incorporation
- Aadhar Card and Pan Card of Promoter/Director
- Company’s cancel cheque
Issuing Authority of IEC ?
The Directorate General of Foreign Trade (DGFT) is the agency of the Ministry of Commerce and Industry of the Government of India & responsible for administering laws regarding foreign trade in India. The DGFT allot IEC to the Enterprises in India.
How to modify / Update IEC?
Yes, one can definitely apply for the modification of an IEC by updating their existing importer-exporter Code through DGFT Portal.
FAQ's
Full Form Of IEC?
IEC stands for Importer-Exporter Code, Allotment of IEC is Mandatory for Enterprises having operations related to Import / Export in India
Is IEC is also required for services?
It has been assumed that IEC is only for import or export of goods. But it is necessary for both goods as well as services. Import or export of services is an international transaction. So any enterprises providing services beyond the boundaries of India has to make online IEC application.
Issuing authority of IEC in India?
The Directorate General of Foreign Trade (DGFT) is the issuing authority for IEC in India.
Does PAN Mandatory for IEC?
Yes, Pan number is mandatory for allotment of IEC, Infact the Pan number will be IEC in most of the cases.
Does GST Mandatory for IEC?
No, Registraion of GST is not Mandatory for allotment of IEC.
Validty of IEC ?
IEC is alloted one time in a life and valid for lifetime however annual renewal is required for active use.
Return Filling in IEC?
Their is No requirement of Filling any Return or statement in IEC.
Renewal of IEC ?
Renewal of IEC is required every year for it’s active use with the payment of standard fee.
Does Government department required to have IEC ?
The Departments of State or Central Government are not required allotment of IEC in India.
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