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IEC CODE

Importer/Exporter Code (IEC) is an important company identification number required for importing and exporting from India. You cannot import or export without obtaining an IEC, unless express exceptions apply.

In the era of business expansion, import and export was a lucrative idea. The Indian government has set various guidelines for the import and export of products or services to and from India. The first requirement that has to be met is to have an Import-Export Code (commonly called IEC). IEC number (Exporter-Importer Code) is a 10-digit code number assigned to an exporter or importer by the Director General of Foreign Trade (DGFT), Ministry of Commerce, or a regional office of the Government of India. Anyone without an IEC number cannot import or export unless there is an express exception. Exception categories and permanent IEC numbers are specified in Section 2.8 of HBP v1. Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India issues IECs. Importers need this code to continue their business, while exporters without this code will not be able to benefit from DGFT duties.

ADVANTAGES OF IEC CODE

Reach to Global Markets

This increases a company's global reach and opens the door to growth and expansion around the world.

No Declaration to File Once you register for the

Import/Export Code, you will not be required to file a tax return. Once the code is assigned to you, you will no longer be required to file a tax return with the Director General of Foreign Trade.

No Renewal/Lifetime The

IEC Code applies for the entire life of the unit and does not require renewal. Once you receive it, your company can use it for all its import/export transactions.

System Advantages

The IEC code offers significant advantages for both importers and exporters. Once the LUT is filed under his GST, the exporter can carry out exports without paying any tax. If an export is made after paying taxes, the exporter can request a refund of the amount of taxes paid.

Obtaining a legally clean

Code gives you a license to import and export goods and services for business purposes. This is a master license that makes cross-border transactions easy and legal.

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IEC CODE

ADVANTAGES OF IEC CODE