2021-08-09 14:15:43

IMPORT EXPORT CODE (IEC) CERTIFICATE AND ITS PROCESS

INTRODUCTION

The IEC is a 10-digit registration number issued by the DGFT (Directorate General of Foreign Trade). Every importer or importer, regardless of the nature of the business, is required to obtain an IEC. Importing and exporting business is critical to the growth and development of any country, so it is important to have control and control of imports, exports and related activities. Therefore commemorating the same Indian government introduced the necessary requirement to have an IEC trade / trade / business for import and export. Let me also tell you that in terms of analysis India is the 17th largest exporter in the country and the 11th largest exporter.

IEC ELIGIBILITY

• Importers -

Importers who want to import goods into India need to register with the IEC. Importers also need to quote the IE Code while removing customs. In addition, banks require the IE code of the business / individual when sending money abroad.

• Exporters -

Exporters who want to export goods from India need to register with the IEC. Shippers also need to quote the IE Code when sending shipping. In addition, banks require the IE code of the business / individual when receiving money abroad.

• Proprietors -

It is not necessary to enter a company to get an IE Code on your behalf, individual business owners can also get an IE code.

HOW TO GET IEC CERTIFICATE

• Visit the Online Website to register for the IEC. On the same page click on “Apply for Import Export Code (IEC) / Change existing IEC.

• State your PAN login details. Make sure the information you enter is accurate.

• The PAN card number will be verified according to the CBDT (Central Board of Direct Tax) record.

• Once confirmation has been made mention your mobile number and email address, the E-mail address and mobile number will not be changed and will be useful for login purposes. Complete the CAPTCHA process

• You will receive an OTP (Product Number) at the registered E-mail address and Contact number.

• Once the details have been verified enter the details of the business, Proprietorship / Partnership or other company.

• State the details of the applicant in the section below.

• In the case of its director, state the DIN (Direction Identification Number).

• In the case of a company, state the CIN (Company Identity Number).

• If the company has a branch, state the details of the branch.

• Submit the required documents according to the firm.

• Make a payment and post.

• Upon submission, the applicant will receive the IEC code within a few minutes.

MANDATORY REQUIREMENTS TO APPLY FOR IEC CODE NUMBER

LLP / Company / Proprietors

• PAN

• Proof of establishment address - Any Employment Bill / Employment Agreement.

• Canceled Check for Company Account, Identity Account.

• Company Documents Incorporation / Partnership / Proprietorship.

Partners / Directors / Proprietor

• PAN

• Partners / Directors / Proprietor Adhaar Card.

• Photo of Partners / Directors / Proprietor.

• A company affiliation / partnership that authorizes any nominee to apply for IEC registration and a digital signature of an authorized nominee.

CHECKLIST OF THE DOCUMENTS FOR IEC CODE

• Covering Letter in Company letterhead requesting new code release.

• Two copies of the Aayat Niryaat Form (ANF2A) must be sent to your regional Jt.DGFT office.

• Each application page must be signed by the applicant

• Part 1 and part 4 of the application must be completed with authorization

• No concrete copies of part 1 can be submitted. However, in cases where applications have been submitted otherwise, a hard copy of Part 1 must be submitted

• Only the relevant parts of part 2 need to be completed by the applicant.

• Certificate from the Bank of the applicant firm in the manner prescribed in Annexure 18A

• Copies of your PAN Card or PAN issuing letter issued by the Income Tax Officer

• Spoken envelope with Rs.25 / - postage stamp for the delivery of the IEC certificate by registered post or by challan / DD of Rs.100 / - by postal mail.

• Registering an IEC code can be a daunting task especially when you are handling large shipments and are in the process of setting up your own import business.

BENEFITS OF IEC

The IEC is a bunch of profits for its owners, especially for retailers, some of the benefits are defined as follows:

• Global Competitiveness -

The person in charge of the IEC is free to import and export subject to certain terms and conditions, may compete in the international market with others, so in this way the IEC provides global competition to its owners.

• Benefits of government schemes-

Export plays an important role in the development of the national economy, which is why the Indian government regularly provides various benefits to encourage more exports from India. The Government of India offers benefits in the form of customized exemptions, GST exemptions, Duty refunds, rebates and deductions from income tax and various other means.

• Zero Retention -

The person in charge of the IEC feels very comfortable in such a way that the IEC does not require periodic maintenance such as annual compliance or annual filing.

• Lifetime performance -

unlike other registrations, IEC operates longevity. No need for periodic updates.

• Global market access -

The IEC enables businesses to access global markets and provide opportunities to establish business in global markets by exporting their products.

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