Considering the recent trends in the business sector, a gradual shift of businesses is observed from the local market to the international market. To spread reach and conquer the international market, the import and export activities are undertaken which further requires the Import Export Code.
Import Export Code is a 10 digit unique code allotted to the business entities that allow imports and exports. The code is allotted by the Directorate General of Foreign Trade (DGFT) to the applicants. Register for IEC code online comes with one-time registration and lifetime validity. The process for import export code registration has become simpler with online IEC application supported by a few documents.
No. Import Export Code registration is not compulsory for the below-mentioned activities:
Any individual involved in the import and export of goods or services for the purpose of conducting business can make IE Code application. They can obtain the IE code by filing an online application accompanied with required documents. In case the person does not have a current account for the business, he/she may provide cancelled cheque of the savings account for the purpose of filing IE code application.
No, w.e.f. 09.08.2018, DGFT has integrated PAN web service of CBDT with the server; therefore PAN card is not required to be uploaded. However, for the purpose of filing an application, the copy of the PAN card is required to be submitted to the team.
The Import Export Code comes with a lifelong validity unless the same is withdrawn or surrendered. Once the applicant receives the IE Code, there is no need to re-register as it is a perpetual registration.
No, there is no requirement to make a separate application for different places of business. This is a PAN based registration. Hence, the single registration will be valid for all the businesses and branch under the same entity.
Only a single IEC can be issued against a single PAN card. If at all more than one IEC is issued then it has to be surrendered to the regional office.
No, there is no penalty however, the import or export is not possible without IE code.
Import Export code is allotted with lifetime validity and therefore it does not require any renewal.
No, there is no compliance to be fulfilled after the import-export license registration is obtained.
Yes, the IEC information can be modified by providing all the necessary documents even after the code is issued.