Know about IEC (Import-Export Code) and Its benefit

  • Admin
  • Aug 16,2020
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An IEC is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted. For services exports, however, IEC shall not be necessary except when the service provider is taking benefits under the Foreign Trade Policy.

Every importer/exporter irrespective of the type of business organization is required to obtain IEC. IEC contains a ten-digit alphanumeric registration number just as PAN issued by the Directorate General of Foreign Trade. For our country's growth and development, Import and export business has significance importance. Therefore keeping in mind the same DGFT has introduced a mandatory requirement to have IEC for the trade/commerce/business of import and export.

Benefits of IEC:

  • You will be able to claim various export incentives offered by the Govt of India.
  • Free to do import or export by maintaining great competitiveness.
  • There no compliance or filing is required for an IEC.
  • No expiration of the validity
  • Able to cover the global market

Why IEC is required:

  • For every import and export, you need IEC. Whether this is goods or services.
  • To clear our shipment from custom.
  • To ship the goods to another country i.e. to export the goods.
  • To realize or to make the payment for import and export.

How to apply IEC?

What are the various documents required to apply IEC?

  • Mobile no. and email-id of organization
  • Pan of individual/company/LLP/partnership firm as the case may be
  • ID proof of individual Aadhar card/Voter id/Passport
  • List of directors in case company applicant
  • Registered address proof of business premises i.e. Rent agreement, sale deed, lease deed or electricity bill with NOC from owner
  • Canceled Cheque with Organisation name
  • Digital Signatures
  • Nature of Business activities
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