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Import Export Registration
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What is an importer exporter code (IEC)?
IEC is a code required by business who are involved in imports and exports in India.
Under what circumstances importer exporter code is not required?
Under these circumstances importer exporter code is not required:
- Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture.
- Import/export by government ministries and departments, and certain notified charitable organizations.
Is there any penalty on not having an IE code?
There is no penalty on not having an IE code but import and export is not possible without an IE code.
Are there any filings after the obtainment of IE Code?
The IE code is just a code. Once you have it, you can begin importing and exporting. You don’t need to file the transactions done under this code or pay any taxes.
Is there in IEC Modification?
Yes, IEC is modified by filing suitable form to Regional Authority.
Are the benefits of IEC registration?
Renewal of IEC is not required, once it is issued, it is issued for lifetime.
b. There are no periodical filings/returns in case of IEC, so the compliances are quite less.
c. There is no annual payment of any fees.
d. Less documentation is required in IEC registration.
Who has to get IE Code?
Any Person who is involved in import and export of goods and services in India must get a importer exporter code (IEC).
Which documents are required to get a IE code?
To Get IE code, a copy of PAN Card, proof of address of business, constitution of the business and a letter from the banker is required.
How much time does it take to get an IE code?
Generally it takes 3 to 7 days to get the IE code after the submission of all required documents and application.
What is the validity of an IE code?
An IE code is valid for lifetime and thus it doesn’t require a renewal.
How many IEC's are available on one PAN?
Only one IEC will be available on one PAN.
Is there an issuance of duplicate IEC?
Yes, Regional Authority issues, duplicate IEC on the payment of prescribed fees.