Import & Export Consultancy (IEC Code)
Overview
The Import Export Code (IEC) is a special 10-digit number given by the Directorate General of Foreign Trade (DGFT), part of the Ministry of Commerce and Industries in the Indian government. If you’re a person or a business bringing in or sending out stuff from India, you need this code. Getting an IEC makes global trade easier by cutting down on paperwork and making things clearer. Here, you’ll find info on how to register for IEC, what good things come with it, what you need beforehand, and some common questions answered.
Benefits
Legal Compliance
IEC registration ensures businesses comply with the legal requirements for importing and exporting goods and services in India. .
Streamlined Documentation
IEC registration reduces paperwork and simplifies the customs clearance process for importers and exporters. .
Access to Global Markets
Businesses with an IEC can access global markets, leading to increased business opportunities and revenue growth. .
Government Benefits
Registered businesses can avail various government schemes and benefits related to foreign trade, such as export promotion schemes and duty drawbacks. .
F.A.Q.
Frequently Asked Questions
Any person who intends to import or export goods and services from or to India must obtain Import export Code, one can apply ie code online and get their IE code certicicate or IE code license online. .
No, there’s no tax imposed on the Import Export Code. However, custom duty might be applied, and it varies based on the category of the products being imported or exported. You can check the specific custom duty rates on the customs department’s website.
Upon the submission of necessary documents, the Directorate General of Foreign Trade (DGFT) typically issues the Importer Exporter Code (IEC) within a span of 5-10 days. It is important to note that presenting evidence of any specific import or export transactions is not a requirement for obtaining the IE Code. In the current era, the application process for IEC can be partially completed online using a digital signature, allowing for the acquisition of the IEC in less than a week.