The IEC is a unique code that is issued to businesses that want to engage in import and export activities. It is a mandatory requirement for any business that wants to import or export goods from India.
What is Importer Exporter Code?
If you’re looking to import or export goods from India, one of the essential requirements is the Importer Exporter Code (IEC). The IEC is a 10-digit code that is issued by the Directorate General of Foreign Trade (DGFT) and is required for any business that wants to engage in international trade. Here’s everything you need to know about the IEC, and how a top IEC provider company like Tax Suvidha Kendra in Delhi can help you obtain it.
Why do you need a Importer Exporter Code?
1. Legally mandated
The IEC is a mandatory requirement for any business that wants to engage in international trade and is legally mandated under the Foreign Trade Policy of India.
2.Identification of business
The IEC helps to identify the business engaged in international trade, which is essential for documentation and compliance purposes.
3. Easy clearance of goods
The IEC is necessary for the customs clearance of goods, and without it, businesses cannot import or export goods from India.
4. Global presence
The IEC enables businesses to establish a global presence by engaging in international trade, which can lead to new business opportunities and growth.
5. Avail export benefits
The IEC is required for availing of benefits under schemes such as the Merchandise Exports from India Scheme (MEIS) and the Service Exports from India Scheme (SEIS).
Why is the IEC important?
The IEC is an important requirement for any business that wants to engage in international trade. Without an IEC, businesses cannot import or export goods from India. It is also required for availing of benefits under schemes such as the Merchandise Exports from India Scheme (MEIS) and the Service Exports from India Scheme (SEIS).
How to obtain the IEC?
To obtain the IEC, businesses need to submit an application to the DGFT along with the required documents. The documents required for obtaining the IEC include PAN card, bank statement, and proof of address.
Documents Required for Importer Exporter Code
- PAN Card
- Bank Certificate or Cancelled Cheque
- Passport Size Photograph
- Proof of Address
- Business entity proof
- Export/import details
- Digital Signature Certificate
It is important to note that the documents required may vary depending on the type of applicant and the nature of the business. It is advisable to consult with a top Importer Exporter Code provider company like Tax Suvidha Kendra in Delhi to ensure that all the required documents are in order before submitting the application.
FAQ's
Yes, an IEC is mandatory for both import and export activities. Without an IEC, businesses cannot engage in international trade.
Yes, the DGFT has made the process of applying for an IEC online. However, it is advisable to consult with a top Importer Exporter Code provider company like TaxSuvidhaKendra in Delhi to ensure that all the required documents are in order before submitting the application.
The IEC is valid for the lifetime of the business and does not require renewal unless there is a change in the business’s name or address.
Yes, businesses can modify or cancel their IEC. A top Importer Exporter Code provider company like TaxSuvidhaKendra in Delhi can help businesses with post-IEC services such as modification, surrender, and cancellation of the IEC.
The time taken to obtain an IEC may vary depending on the completeness of the application and the documents submitted. With the help of a top Importer Exporter Code provider company like Tax Suvidha Kendra in Delhi, businesses can obtain the IEC quickly and efficiently.
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