All About the procedure for Import Export Code
Importer-Exporter Code in India, Validity of Import and export Code, procedure for import export code, Benefits of Importer-Exporter Code in India, Exemption from the IE ...Read More
All Importers/ Exporters must mention their Import Export Code while clearing customs when their goods arrive in India. All exporters must mention their IE Code while exporting their goods from India .Thus, any person wanting to deal in any import or export transaction must get him registered with Directorate General of Foreign tradeby obtaining IE code.
For Business-man & Consultants
For getting the IE Code, one has to submit the application along with required documents with DGFT. It usually takes 15-20 days to process the application. And later after verification, the DGFT issues the Import Export Code.
For Partnership Firm / LLP
For LLP / Company
As per the new DGFT Guidelines effective 01 January 2015, the scanned soft copies of all the required documents should be self-attested by the applicant is required.
Rajput Jain & Associates can help your business file Import Export code registration. Our Import Export code registration experts can also help you in Import Export code regulation compliance for your business.
For any information / query regarding Import Export code registration Services, Contact Us
What is Import Export code and why it is required?
IE Code stands for Import Export Code which contains 10 digit number issued by Director General of Foreign Trade (DGFT), Department of Commerce, Government of India. Any person importing or exporting goods and services to or from India require IE code to do so.
All importers must mention their Import Export Code while clearing customs when their goods arrive in India. All exporters must mention their IE Code while exporting their goods from India .Thus, any person wanting to deal in any import or export transaction must get him registered with DGFT by obtaining IE code. Additionally, now RBI requests person importing or exporting services to also mention IE Code in foreign remittances in bank account.No person can import or export from India unless they apply for the import export code. Therefore, IE Code is required for anyone involved in import in or export out of India.
Benefits of Import Export Code (IEC) Registration
What is the process of obtaining the IE Code?
IEC Code Registration
Subject to Government processing time, Rajput Jain & Associates can help your business obtain Import Export Code (IE Code) in 12 to 20 days.
Your IE Code Application will be prepared by one of our tax experts in the prescribed format along with the necessary supporting documents and obtain your signature in the application.
Submission of the application along with required documents will be done immediately after the application has been prepared.
IE Code Allotment
Once the application & the attached supporting documents are verified, the DGFT will allot an IE Code for your business. Import Export Code will be issued within 3 days of complete documentation.
Who must obtain Import Export Code registration?
Any person who proposes to import or export goods and services from or to India must obtain IE Code.Individuals acting as Proprietors of a business can obtain Import Export Code Registration.
How long does it take to obtain Import Export Code registration?
Import Export Code Registration can be obtained from the DGFT in 7-10 working days after submission of all required documents and application depending upon the processing speed of the government.Generally, 5 to 7 working days are required for Import Export Registration process. It can also be tracked online. The hard copy of Import Export Code (IEC) allotment Letter will also be sent to the registered office of the applicant.
Import Require IE Code
The IE Code must be quoted while clearing customs. Also, banks require the importers IE Code while sending money abroad. Thus, Importers who import goods into India require an Import Export Code.
Export Require IE Code
The IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad. Thus, exporters who export goods or services from India require an IE Code.
Lifetime? NO Renewal
IE Code has life-time validity. So once a IE Code is obtained, it can be used by that entity for all its import or export transactions without any further hassles.
Import Export Code once applied has life-time validity, unless cancelled by the appropriate Authority. Also, there is no need to renew it.
There is no need to file returns, challans, registers etc., thus, there are no compliances associated with IEC registration.
Every applicant will need digital signature certificate to sign the online application, as per the revised procedure, applicable from 1st January, 2015
Do I have to file any returns for Import Export Code?
No Return Filing
No return has to be filed with DGFT. Even if import or export transactions occur, there are no filings required to DGFT. Once, An IE Code is issued there are no further procedures required to maintain validity of the IE Code.
Proprietors can have IE Code
It is not mandatory to incorporate a business entity for obtaining IE Code .Even individuals who are proprietors of a business can obtain IE Code in their name
It is not necessary to show proof of any import or export to obtain IE Code. It takes 7-10 working days to obtain the IE code generally.
How long is the Import Export Code valid for?
Import Export Code have life-time validity & furthermore does not require any renewal. Therefore, it is recommended for most organizations to obtain IE Code, irrespective whether they need it at the moment or not.
Is there a tax levied based on Import Export Code?
Only customs duty may be levied on the basis of import-export code & no other tax is levied based on IE Code during import or export of goods or services. Thus, Import ExportCode is not a tax registration.
What is the penalty for not having Import Export Code?
IE Code is not a mandatory registration. However, import / export will not be possible without an IE Code. Only importers and exporters of goods or services must have IE Code. Therefore, there is no penalty for not having IE Code.
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