Import Export Code Registration in Pune
Every business wants to grow beyond the limits of the domestic market, in this age of cut-throat competition. Doing business globally is not anyone’s and everyone’s cup of tea, but if you have decided to take your business on a global level, then you can do so. Before that, you will have to follow certain procedures and laws to get different registration and license.
IEC i.e. Import-Export Code is one of the prerequisites. It is issued by DGFT (Director General of Foreign Trade). IEC is a 10-digit number which has a validity of lifetime i.e. there is no need to renew it. It can be issued either in your name or your company’s name. No person/entity can make any import/export without IEC.
When IEC is required:
Importer: For the shipments and related transactions with customs, to send the money across nation to have Import Code is mandatory.
Exporter: For the shipments and related transactions delivery and packaging of good to be exported, to receive money from outside the India in foreign currency IEC is mandatory to be submitted in Bank
Benefits under IEC:
- Online Procedure: Registration process of IEC is online process and there is no need of any physical documentation, simplified procedure.
- Validity: Import-Export Certificate has lifetime validity and renewal is not required. Import-Export Code has no expiry date.
- Import-Export license has nation wide acceptance.
- Import-Export license is Pan based license thus an individual can apply for it, it not mandatory to have business or registered business/firm.
After the Import-Export Registration, No Returns are filed, there are no tax compliances
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Steps for GST Registration
Provide the basic information
Submit the scanned documents
Application is filed
IE; Import Export Code Allotted
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Frequently Ask Question
- No, there is no separate application for Import and Export.
- Same IEC is used for Import and Export
IEC is permanent and valid for lifetime, no need to renew license.
- No, after ICE registration no returns are filed and there are no further tax compliances to be filed.
- IEC certificate has lifetime validity and is permanent no renewal is required.
- Any person who wants to expand his/her business beyond the national boundaries is required to register and IEC.
- It is considered that IEC is required for goods only, but IEC is required for both goods and services as well. Providing services across the nation is known as importing services, so IEC is required for such transactions.
- Every business where Import and Export takes place need to get themselves register under IEC, also it is mandatory to register their PAN with DGFT even if you have registered under GST.
- IEC Certificate is issued digitally in digital format whereas it is digitally signed, you need to take printout of the IEC certificate.
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