IEC Code Online Registration (Importer Exporter Code)
The corporate identification number required for importing into or exporting from India is called an Importer Exporter Code (IEC). No export or import may be made without first obtaining an IEC unless a special exemption applies. However, unless the service provider is receiving incentives under the Foreign Trade Policy, IEC is not required for service exports. Since the implementation of GST, the company's IEC and PAN are identical. The DGFT will nevertheless continue to publish the IEC separately based on an application.
Code of Registration for Import and Export (IE Code)
The business entity must obtain an Import & Export Code before importing into or exporting from India. IEC numbers are a popular form of identification that are also referred to as import and export codes. The Directorate General of Foreign Trade issues the ten-digit Import & Export Code (DGFT).
For businesses that import and export, a certificate of IEC registration is necessary. Because both are necessary for customs clearance, an importer must confirm that the importing entity has both an IE number and a GST registration before starting to import products into India.
The goods will be held at the port and start to accrue demurrage fees if the importer does not have an IE code and a GST Registration, or they may be destroyed.
Value of the import-export code
Businesses have a fantastic opportunity to reach a worldwide audience by exporting and importing the goods and services they offer. Because it helps to some extent with the company's expansion and profitability, the IE code is crucial for breaking into the global market. Obtaining an import export code has numerous benefits. These are just a few of the ones we've listed:
The products are allowed to do so since the IE Code is needed to conduct import and export activities. Access to the world market is now possible. The Indian company can more easily enter the global market and has development and expansion options thanks to IE code.
Online registration: Getting the IE Code is a straightforward, entirely online process that only requires the submission of a modest number of papers.
Less paperwork are required: Only a few documents must be submitted in order to obtain an IEC.
A registration for an IE Code is good for as long as the company is in operation, or for life. This results in hassle-free updating, submitting, and renewing of an Import Export Code registration. The IE registration is remains active as long as the business is still in business or hasn't been cancelled or abandoned.
One of the most fundamental requirements for the Import-Export code is that you must offer accurate information. Hence, the flow of illicit items is reduced. IE code cannot be acquired without the necessary information. The shipment of unlawful products is prohibited under this criterion.
Many Advantages: Both importers and exporters can benefit greatly from IE code. The Export Promotion Council, Customs, and other authorities may provide registered commercial organisations with financial assistance in the form of subsidies. Exports can be made tax-free by exporters who register a LUT under the GST. The exporter may request a reimbursement of the taxes paid if exports are done after paying taxes.
Compliances: Unlike tax registrations for other types of businesses, importers and exporters are not subject to certain compliance obligations, such as yearly reporting or return filing.
IE Code Validity
As already said, IE Code registration is perpetual and valid forever. As a result, updating, filing, and renewing the IEC registration won't be challenging. As long as the business is still operating or the registration hasn't been cancelled or abandoned, it is still in force. Also, importers and exporters are not obliged to produce any files or adhere to any other compliance requirements, such as annual filing, unlike tax registrations like GST registration or PF registration.
All exporters and importers are advised to get an IE code after incorporation since it just needs to be registered once and doesn't require continuing compliance.
Candidates for the IEC: Requirements
Authentic DGFT Portal Login Data (After Registering on DGFT Portal)
IEC applications may be submitted by corporate entities such as single proprietorships, partnerships, limited liability partnerships, trusts, HUFs, and societies.
The Firm's Permanent Account Number (PAN) and other information, including Name as per Pan, Date of Birth, and Incorporation, must be current.
Prior to applying, the Firm must also have a physical address and a bank account in its name.
Please be aware that you can confirm these specifics on the website of the Income Tax Department.
Documents needed to register for the IEC Code
The following list of scanned documents is necessary for IEC Registration:
The following business categories are required to provide confirmation of their establishment, incorporation, or registration:
* Collaboration
* Society membership
* Trust
* HUF
* Other
Proof of Address: One of the documents listed below may be used as proof of address:
* Purchase Deed
* Agreement for Rent
* Leasing Agreements
* Cost of electricity
* Payment for a landline payphone
* Post-paid mobile bill
* MoU
* Partnership agreement
Other documents that are admissible (only for proprietorships):
"Aadhar card"
travel permission
voter identification.
Note: A no objection certificate (NOC) from the owner of the firm premises in the applicant firm's favour must be included with the address proof in one PDF file if the address proof is not in the applicant firm's name.
Evidence of the Company's Bank Account
Bringing Back a Check
Financial Validation
The user must have a current DSC or Aadhar from a firm member in order to submit.
Active firm bank accounts for submitting information and paying online application fees.
The steps for applying for the IE Code
Here is a detailed explanation of how to obtain the Importer Exporter Code Certificate:
The DGFT website should be accessed first. On the home page, click the "Services" option. From the drop-down menu, select "IEC Profile Management".
A new page must be loaded after that. Choose the website's "Apply for IEC" link.
After entering the necessary information, click "Sent OTP" on the "Register" menu option.
Enter the OTP and select "Register" from the drop-down menu.
The user will receive a message containing the temporary password after the OTP has been properly validated. Logging into the DGFT website is necessary to modify this password.
To access the DGFT website after enrolling, enter your user name and password.
The seventh step is to log in and choose "Apply for IEC" from the Dashboard. Choose "Start New Application" or "Proceed with Current Application" if the user has already saved a previous application.
Complete the application form's General Information Section (ANF 2A format) as follows:
* Choose the category of business or concern.
Type "Business Name" here.
PAN specifications
* Choose a hobby that you enjoy the most.
inputting the business's registration number here (CIN)
Enter the GSTIN for the business or entity.
Enter the company's mobile number.
Commercial Postal I.D.
Type the address of the business here.
Provide a copy of the address verification for the business.
In the section titled "Details of Owner/Partner/Director/Karta/Managing Trustee," include all pertinent information.
Fill out the "Bank Account Information" Section with the necessary information.
Provide the necessary details to the "Additional Details (Exports Sectors preferred)" field.
Check the box next to the declaration that you have read and agree to the terms and conditions.
After reading the application summary, click the "Sign" button to sign it using either an Aadhaar or a digital signature certificate.
Note: The CBDT database will be rapidly used to verify these parameters.
After comparing your payment and your application, move on.
After making a successful payment, the user will be sent to the DGFT website where they can download the ticket.
Obtain the certificate for the import-export code.
The IEC Certificate will be emailed to the user (used while applying for IEC). After logging into the DGFT and selecting the "Print Certificate" option under "Manage IEC," the User may, if necessary, download the IEC Certificate.
Go to "My IEC" and compare the IEC Status bar with "CBIC Transmission Status" to see the current status of the IEC's transmission to CBIC.
A crucial document required to start import-export operations is the Import Export Code. The IE code is necessary to export or import any goods or services. The IEC provides the company with a lot of advantages for commercial expansion. It is essential to follow the condition for IE code registration.
Our team at www.returnfiler.com could assist you with your requirement for IEC Registration