Overview of IEC Registration Online in India: IEC Registration is required to be obtained by anyone willing to start an import/export business registration in India. Register Import export code (IEC) in India Apply IE Code Registration online in India with us! It is mandatory for all Indian companies which deal or plan to expand their business activities through import and export business operations.
What is IEC? Online IE Code Registration is a mandatory 10-digit unique license, for companies and businesses that deals with import-export transactions in the Indian Territory issued by The Director-General of Foreign Trade (DGFT), under the Department of Commerce, in India.
IEC or Import Export Code is a code which is mandatory for Indian companies if it wants to expand its business activities through import and export business operations. The IEC is granted by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry. It is a unique ten-character code (the same as your PAN) used to regulate and manage foreign trade operations in India.
Mandatory Requirement: To carry out Import and Export activities in India, it is necessary to obtain IEC registration as any business cannot import-export activity without obtaining an IEC code license. Additionally, if any company wants to extend its business operations to the import-export activity, then getting IEC code registration is a must and through which the business also gets benefited by the government schemes.
Import export code for individuals or IEC registration online in India is a one-time registration process and the obtained license can be utilized by the company however, according to the announcement, an IEC holder is required to electronically update its IEC every year from April to June. If there is no change in the IEC details, the IEC holder must also update and affirm.
Important Deadline: The 30th of June is the deadline for updating or changing your IEC information for the financial year. When the organization has obtained IEC, from that point the organization can expand its trading activity abroad with no issues.
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.
Depending on the basis of IEC registration online, the business can enjoy several advantages provided by the Export Promotion Council, DGFT, and Customs.
IEC code online application doesn't need any return filing. Once your IEC is granted, no periodic return is needed; you only have to update or confirm your IEC details online every year between April and June. In any case of the export transaction, DGFT doesn't enter or make any issue for filing any return.
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.
Once issued, your IEC needs no renewal, but it stays active only if you update or confirm its details online every year between April and June; otherwise DGFT de-activates it until it is updated.
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.
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. IEC helps Customs and DGFT identify the business behind every import and export consignment.
RBI Mandate: Under the Foreign Trade Policy, no one can import or export goods without an IEC unless specifically exempted, and banks need your IEC to handle import payments and export receipts. In the present growing competition, businesses have to compete with their competitors available in the business market. With the generation of new ideas and back to back new innovations in business operations, the emergence of e-business, business operating in domestic markets finds it important to extend their business activity globally by trading abroad.