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Import Export Code (IEC) is an identification number necessary for the business involved in exporting from India or importing to India. No person shall make an import or export without having IEC or being exempted from the act.
It is not needed when the service provider is taking benefits in the Foreign Trade Policy. An IEC is issued similarly to the issuance of a PAN to the company. The difference is that it is separately issued by DGFT through an application.
The nature of the organizations is proprietorship, LLP, limited company, trust, HUF, and cooperative society. The organization needs a PAN card and opening bank account details. There are various benefits under government schemes.
The provisions related to IEC are under the foreign trade (development and regulation) act, 1992, Foreign Trade (Regulations) Rules, 1992 and Foreign Trade Policy. The steps involved in the process of registration for IEC are as follows
Step 1 : Visit the Director General of Foreign Trade (DGFT) website.
Step 2 : Click on the ‘Services tab’ on the website.
Step 3 : Select the ‘IEC Profile Management’ option from the list
Step 4 : Click on the option of ‘Apply for IEC’ on the webpage
Step 5 : Click on the ‘Register’ button. Enter the details and click on the ‘Sent OTP’ option.
Step 6 : The next step in Import Export Code registration online is to enter the OTP received and click on the ‘Register’ button.
Step 7 : The successful validation of the OTP received a notification with a temporary password and change after logging into the DGFT website.
Step 8 : Once registered on the DGFT website, log in with the help of entering the username and password.
Step 9 : Click on the ‘Apply for IEC’ button on the DGFT website.
Step 10 : Fill in the ANF2A (Aayat Niryat Form 2A) application form with documents attached along with prescribed fees by clicking the ‘Submit and Generate IEC Certificate’ option. The application is filled with the regional office of DGFT through a digital signature certificate (DSC).
Step 11 : The DGFT conducts the import export code verification after the submission of ANF2A and the documents attached. The application can be either rejected or approved. The status of IEC code registration can be checked with two options:
Step 12 : The IEC code is generated and issued a certificate by the DGFT. For an online application, an e-IEC is approved. The certificate can be printed after generating the IEC code.
Earlier, the IEC code was not required to be renewed but after the amendment, the IEC code has to be renewed every year.
The IEC code for registration for documents required are as follows:
The IEC code is mandatory for importers and exporters, it is not necessary for all GST registration to have the IEC code. The following are the exemptions from applying for IEC:
The following are the features of Import Export Code:
The relevant provision of the act has provided the reasons for the suspension and cancellation of the IEC:
Before suspension or cancellation, IEC provides a reasonable opportunity of being heard by a given person.
The benefits of registration under the IEC code are as follows:
In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.
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