IMPORT / EXPORT CODE
Import Export Code (IEC)
Import Export Code is a ten-digit unique code provided to an individual or corporation that is required for all import/export transactions. Import and export codes are issued by the DGFT. Director is abbreviated as DGFT. Foreign Trade General. Although Importer Exporter Code is the full form, is also known as the import export code. The Import Export Code, unlike other government licenses, does not need to be renewed. On a regular basis, it is replenished. However, the status of the IEC license must be updated. On a yearly basis, on the dgft webpage
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Benefits of Import Export License
Overseas Trading
Import Export Code allows you to develop your business into foreign countries. The Importer Exporter Code is the most basic and important thing you will need when trading internationally. IEC pave the way for your international expansion and growth.
Export/Import subsidies
The government provides perks including export subsidies and import excise tax breaks. Tax savings may be possible if the import is finished within the allotted time frame. The government provides a subsidy on all export taxes in the case of exports. Only those who are enrolled with the IEC are eligible for these benefits.
Legalise Business overseas
The code grants you permission to export your products and services to any nation and to import necessities for your company into your own. It facilitates and makes lawful your cross-border trade.
Online Service
Now Obtaining IEC could be as simple as sitting at home. If you provide complete and precise documentation, you may be able to have it delivered to your home. The necessity to rush to the government office will not be an issue.
Necessity at Customs
The Bill of Lading must include the importer’s IEC Code, which must be disclosed to Customs. All bills of lading for cargo transshipped through or bound for Indian ports must include the IEC Code for the Indian consignee.
Facilitates Electronic Fund Transfer (EFT)
EFT (Electronic Fund Transfer) is a new service provided to exporters that enables them to pay their license fee online as opposed to going to a bank. This process is being proposed to improve the convenience of electronic payments. Applications must be submitted electronically to be considered.
Frequently
Asked Questions
An Import-Export Code (IEC) is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT), which is mandatory for businesses involved in international trade.
An IEC is essential as it facilitates international trade by allowing businesses to legally import and export goods and services. It is required for customs clearance and international transactions.
You can obtain an IEC through LawLegalTax.in by applying through our website or contacting our customer support. We will guide you through the application process.
Individuals, partnerships, LLPs, companies, and other legal entities involved in international trade are eligible to apply for an IEC.
Yes, an IEC is mandatory for all types of import and export transactions, including gifts and trade-related activities.