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Overview of IEC Registration Online in India
Import export license is about the import export code for the business trade which includes both import and export throughout the world. Import export code is a unique code issued by the Director-General of Foreign Trade (DGFT). This code helps in clearing the customs, shipments process, transaction from foreign banks without return filing.
It helps to increase the profit maximization of your business worldwide. The major import and exports includes the minerals fuels including oil, electronic equipment, electronic machinery, iron and steel, plastic, organic chemicals, gems, precious metals, cotton, glass, milk products, natural rubber, food items, garments, sugar, tea, tobacco, spices etc. it is mandatory to obtain license for the trade.
Benefits of IEC Registration Online in India
Expansion Of Business: Using IEC, the business can expand its reach to the international market or global market. IEC License provides the business to export its products and goods outside the country and create brand recognition in the international market.
Availing Several Benefits: Depending on the basis of IEC registration, the business can enjoy several advantages provided by the Export Promotion Council, DGFT, and Customs.
Availing Several Benefits: Depending on the basis of IEC registration online, the business can enjoy several advantages provided by the Export Promotion Council, DGFT, and Customs. No Return Filing: iec code online application doesn’t need any return filing. Once online iec registration in India is granted, there isn’t any need to follow any type of procedures to support its authenticity. In any case of the export transaction, DGFT doesn’t enter or make any issue for filing any return.
Hassle-Free Procedure: Obtaining IEC from DGFT is really simple and can complete the process within 0-15 days after presenting the application. No documents of export or import is required following to obtain the import export code number.
Valid for Lifetime: Once your business is registered with an IEC license, then you can enjoy its auto iec registration benefits till eternity as it is valid for a lifetime and importantly there is no need for any renewal process.
Government Authorizes Proof: Import export code registration online or IEC is a government identity number which is granted by the DGFT. And can show this identity code number at the time of clearance of the shipment.
When IEC Registration In India Is Necessary
- It is essential to obtain an IEC registration certificate to import and export goods and products abroad. It authorizes on the vendor code information with the port through which the goods or administrations are being exported or imported. Illicit vehicle of goods is held, and subsequently, IEC helps in decreasing it as it is much difficult to obtain import-export code without submitting the total data or information of the things being traded or imported.
- Custom authorities will only allow your shipment if the trader or importer if you register with an IEC number.
- The bank requires IEC registration code for foreign transactions.
- To make the shipments of the business clear an exporter requires IEC registration at the custom port
- IEC registration in India code is required when an exporter gets payment in foreign currency to his bank account without any hassle
- Depending on the basis of the iec code application process, the government of the foreign countries affirm the trader.
Documents Required for IEC Registration in India
- PAN Card of the company or the applicant
- Bank account statement of the company or applicant
- Photocopy of Driving License
- Photocopy of the cancelled cheque
- A copy of Aadhar/Voter ID
- Certificate of Partnership Deed/Incorporation
- Address proof of the registered office premise
Key Features of IEC Registration in India
- The individual who is involved in import and export of products and goods for individual causes and not related to trade, manufacturing and horticulture are exculpated from obtaining import export code registration.
- Business owners who export/import goods and products to/from Myanmar and Nepal through Indo-Myanmar fringe zones and China with a single conveyance which doesn’t exceed Rs.25,000 don’t need to register IEC.
- Exception from obtaining IEC will not allow for the export of Special Chemicals, Organisms, Materials, Equipments and Technologies (SCOMET) as listed in Appendix – 3, Schedule 2 of ITC (HS).
Key Features of IEC Registration
- No business operation can involve in Import/Export business activities without obtaining IEC new registration
- It works as a proof for a company which is involved in import/export of products and goods Once registered with IEC, it exists for a lifetime which means there is no requirement for any renewal.
- It is not necessary or not needed for any individual or legislative functions to involve in import or export of products and goods
- IEC or Import Export Code is irremissible for making foreign money transactions
- It is significant for all parts of exporters or importers business.
Registration Procedure of IEC Registration in India
To any business that is involved in the import-export activities in India, it is mandatory to obtain your IEC registration done. Once the IEC code renewal is obtained it holds the validity for the lifetime of the proprietor of the business or for the business. IEC registration code can be done online by visiting the Directorate General of Foreign Trade (DGFT) website.
Following Is The Step By Step Process Of IEC Registration:
- Visit DGFT or Directorate General of Foreign Trade Website ( www.dgft.gov.in ). Then you need to click on the option ‘Apply for New Import Export Code (IEC) or Modify existing IEC.’
- Fill the PAN details of the applicant. Then fill the following information such as Name (as per the PAN), Date of Incorporation or Date of Birth, Captcha Code
- After entering the basic details, click on submit.
- Next step is to enter the mobile number and email address. And enter the Captcha code and then tap on ‘Generate OTP’. Enter the OTP and submit it.
- The next step is the generation of E-Commerce number, then you need to provide the following details: Name of the company, address of the company, mobile number and email address as entered earlier, name on PAN card, date of company Incorporation, nature of company such as Private Limited, Public Limited, Proprietorship, LLP, and Undertaking, and so on.
- Business activity of the company such as Merchant Exporter, Service provider, Manufacturer Exporter, etc. Account holder name, Bank account number and details of the applicant.
- After entering all the information, submit the application.
- In the next page, you have to fill the Branch Details of the company or firm such as Branch SI. No, 6 Digits PIN and Address of the Branch And update the information of Director/Partner/Proprietor/Karta/Managing Trustee
- Once all needed details are filled, upload the required documents such as Address Proof, Cancelled cheque, or Bank certificate are submitted.
- Then follows the fees payment and fees verification as prescribed in the application
- Preview the completed application, check it thoroughly and click on Print Application.
- The final step is to submit your application with DSC or without DSC of the applicant
Process on registration for Import / Export License
Frequently Asked Questions
Import-Export code or IEC is not a tax registration; nevertheless, based on the product, the certain custom duty can be enforced.
Business who wishes to get IEC can apply for it by submitting an application along with needed documents at Joint Director General of Foreign Trade
No, the IEC is issued only to the address entered in the application.
You can modify/edit your application any number of times before it is submitted to the next page or department.
With the use of IEC Registration, you can get various advantages from the DGFT, Customs, export promotion council, and so on.
Yes, it is mandatory to submit a PAN Card. You require to submit the self-attested copy of your PAN Card with the application.
You need to submit a copy of both sides of your PAN Card as an ID proof to identify the issuing authority’s address.
No, the IEC Registration is valid for a lifetime. So there is no need to renew it.
You can check the status of your Business Identification Number or BIN on the official portal.
No, Import Export Code is a permanent license and is not product-based.
