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IEC or usually known as an Import Export Code is a code with 10 digits. If any business or person wants to import or export goods or services this code is mandatory for them. The Director-General of Foreign Trade (DGFT) from the Ministry of Commerce and Industries issues the code. Many names have been given to it like the Import Export license, import-export code, importer-exporter code, import-export license etc.
The code can be issued either in the company's name or your name. You will receive an import-export code or IEC after completing IEC registration.
The IEC Amendment by the Ministry of Commerce and Industry on Feb 12, 2021, specified that:
IEC will help you in globalising your product and grow your business.
Companies based on IEC registration can avail many benefits for their imports or exports from the DGFT.
Filing of returns is not required in IEC. After receiving the IEC code you only need to update it every year to maintain its validity. Even with regard to export transactions, there is no requirement to file any returns with the DGFT.
It is very easy to receive the IEC code from the DGFT within a short time. You don't need to provide proof of any import or export to receive the IEC code.
IEC code is also effective for a lifetime and no renewal is required here. After obtaining this can be used by any business against all transactions related to export and import.
Step 1: In the first step you must devise the application form as per the format in Aayat Niryaat Form No-2A. After that in the regional office of DGFT, you must file the form.
Step 2: Secondly, you also need to prepare all the required documents with respect to the identity and legal identity as well as address proof along with the bank details and certificate in respect of ANF2A.
Step 3: After completion of the above two steps, you must file with the DGFT by way of DSC (Digital Signature Certificate) and also pay all the requisite fee for the IEC registration.
Step 4: Finally, after approval of your application, you will receive the IEC code in soft copy from The Government.
The Import Export Code is an essential document for all people who wants to get into the import-export business. IEC is also discussed in S. 7 of the Foreign Trade(Development and Regulation)Act, 1992. IEC as a document is proof that you can expand your business on a global level. Getting IEC registration can have numerous benefits to your business.
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