Import Export code registration - Online Process
Import Export Code Registration (also known as IE Code) is a 10 digit code that is issued by DGFT (Director General of Foreign Trade), Department of Commerce, Ministry of Commerce and Industries, Government of India.
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Import Export Code Registration
Import Export Code Registration (also known as IE Code) is a 10 digit code that is issued by DGFT (Director General of Foreign Trade), Department of Commerce, Ministry of Commerce and Industries, Government of India. It is a registration that is required for every company engaging on business of importing or exporting goods and services from India. It is mandatory for all companies or businesses to obtain this code, without this code it is not possible to deal with the export-import business.
On registration of the Import Export Code Registration, it is valid for a lifetime until the business exists or on revocation or surrender. There is no requirement of updating, renewal of Import Export Code registration.
The purpose of getting the IE Code is expanding the business in this competitive scenario.
1.
Documents Required for Import Export Code Registration- PAN card of company/ firm/ individual.
- Voter ID/ passport/ aadhar card/ driving license of the individual.
- If office rented then rent/ lease Agreement.
- Latest Electricity Bill of the premises.
- If self-owned premises then sale deed.
- Digital photograph.
- Individual /company/firm’s cancel cheque of a current bank account.
2.
How Import Export Code Obtain.For obtaining IE Code you need to follow below steps such as:
- First, you need to download the application form available on DGFT website for IE Code.
- Make application in Form ANF 2A.
- Submit necessary documents along with passport size photo required for IE registration.
- Next, you need to fill the sections of the form and submit for getting the IE code.
- Sign every page of the application form.
- Send IE Code License Fees of Rs.250 through Electric Fund Transfer(in case of online) or pay through the demand draft of Rs. 250 (in case of offline) along with the application.
Situations where Import Export Code (IEC) is required
There are some situations where Import Export Code (IEC) is required:
- When an importer has to clear his shipments from the customs then it’s needed by the custom authorities.
- When an importer sends money abroad by banks then it’s required by the bank.
- When an exporter has to send his shipments then it’s needed by the custom port.
- When an exporter receives money directly into his bank account in foreign currency then it is required by the bank.
Exemption of Import Export Code
IE Code is not mandatory for all traders who are registered under GST. We list certain categories of importers and exporters exempt obtaining IE Code:
- Government of India Departments and Ministries
- Person importing or exporting goods for personal purposes not connected with trade, manufacture and agriculture.
In all the above such cases, the PAN of the trader shall be form as a new IE Code for the reason of import and export.
Benefits of Import Export Code (IEC)
- Online registration: Obtaining IE Code is completely online process through its common portal. The online IEC registration application makes hassle little with simplified documents list attached therewith to support the application.
- Global market reach: It is the primary requirement for import into export from India for the goods and specified services which enables the business to unlock the opportunities across the globe on International business market.
- PAN based registration: The Code is provided based on the Permanent Account Number of the business organizations. Therefore, the registration is not required on place of business rather, a single business entity may require only one registration.
- Lifetime validity: IEC registration is permanent registration which is valid for life time. It is valid until the registration is not surrendered or revoked and business continues.
- Reduce the risk of illegal transactions: The centralized registration help the official to supervise and better administer the transactions undertaken as a part of cross border business.
- No requirement for renewal: There is no requirement of filing or renewal of registration for each financial year or otherwise.
- No Compliance: Unlike other tax registration the person carrying import export does not require to fulfill any specific compliance requirement such as the annual filing or the return filings.
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