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Import Export Code

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What is an Import - Export Code?

An IEC or import-export code is a 10 digit code, issued by the DGFT (Directorate General of Foreign Trade), that is required when you are buying and selling goods outside India for commercial purposes. No person can import or export goods into or out of the country without an IEC.

An IEC can be issued within a week, or less, of submission of relevant documents and, is a permanent registration that requires no additional paperwork.

Benefits of getting an IEC Registration

  • Life-time validity ensures that there is no need to renew an IEC every year or few years.
  • No follow-up compliances or filings are required once an IEC is registered.
  • The IEC code assists with business expansion and helps streamline documentation when selling goods outside India or importing goods into India.
  • The GST Letter of Undertaking (LUT) helps exporterss avoid prepayment of taxes on their sales. To apply for a LUT, businesses also need to provide their IEC registration details.
  • Other promotional schemes such as those run by Export Promotion Council can also be availed if a business has an IEC registration.
  • The documentation required to obtain an IEC is fairly simple and straightforward.

Exemptions for requiring an Import Export Code

An IEC will not be required under the following conditions:

  • If goods are being imported or exported for personal use and are not connected with the trade or manufacturing of agriculture.
  • Persons importing or exporting goods from or to Nepal where the CIF Value (Cost + Insurance + Freight Price) does not exceed INR 25,000.
  • Persons importing or exporting goods from or to Myanmar, through the Indo-Myanmar border, where the CIF Value (Cost + Insurance + Freight Price) does not exceed INR 25,000.

However, the export of SCOMET products does not enjoy the benefits of this exemption from IEC Registration. SCOMET stands for Special Chemicals, Organisms, Materials, Equipments & Technologies as mentioned in Appendix 3, Schedule 2 of the International Trade Clarification based Harmonized System, ITC(HS).

Documents required when applying for an IEC

An application for an IEC is a PAN-based application i.e. the primary document for providing proof is the Permanent Account Number. 

Further, along with the PAN, the name provided as well as the date of birth or incorporation for the individual or business, will be cross verified with the income tax department details. 

The complete list is as follows:

  1. PAN Card of the applicant (Individual, HUF, Trust, Partnership, LLP, or Company).
  2. Owner’s/Karta’s/Managing Trustee’s/Partner’s/Director’s identify proof. This could be any one of the following:
    1. Aadhar Card
    2. PAN Card
    3. First and Last page of the Passport
    4. Voter ID Card

    5. Driver’s License
  3. Owner’s/Karta’s/Managing Trustee’s/Partner’s/Director’s digital photograpgh (3cm * 3cm).
  4. Proof of establishment for entities as follows
    1. Sole Proprietorship - None
    2. HUF - None
    3. Partnership - Copy of Partnership Deed
    4. Society - Registratoin certificate of Society
    5. Trust - Copy of Trust deed
    6. LLP - Certificate of Incorporation
    7. Private Limited Company - Certificate of Incorporation
    8. Section 8 - Certificate of Incorporation
  5. Proof of address can be any one of the following:
    1. Sale deed if property is owned;
    2. Rent Agreement of Lease Deed.
    3. Telephone Bill
    4. Elecrticity Bill
    5. For Sole Propretorships ONLY - a few other options have also been provided such as, Aadhar Card, Passport or Voter Id.
  6. Proof of Bank Account 
    1. Bank Certificate as per Aayaat Niryaat Form 2A (ANF 2A)
    2. Cancelled Cheque
  7. Class 3 Digital Signature Certificate

FAQs

  1. Does IEC code mean an additional tax rate?
  2. Can Individuals get an IEC?
  3. Are there any penalties for not getting an IEC?

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What is an Import - Export Code?

An IEC or import-export code is a 10 digit code, issued by the DGFT (Directorate General of Foreign Trade), that is required when you are buying and selling goods outside India for commercial purposes. No person can import or export goods into or out of the country without an IEC.

An IEC can be issued within a week, or less, of submission of relevant documents and, is a permanent registration that requires no additional paperwork.

Benefits of getting an IEC Registration

  • Life-time validity ensures that there is no need to renew an IEC every year or few years.
  • No follow-up compliances or filings are required once an IEC is registered.
  • The IEC code assists with business expansion and helps streamline documentation when selling goods outside India or importing goods into India.
  • The GST Letter of Undertaking (LUT) helps exporterss avoid prepayment of taxes on their sales. To apply for a LUT, businesses also need to provide their IEC registration details.
  • Other promotional schemes such as those run by Export Promotion Council can also be availed if a business has an IEC registration.
  • The documentation required to obtain an IEC is fairly simple and straightforward.

Exemptions for requiring an Import Export Code

An IEC will not be required under the following conditions:

  • If goods are being imported or exported for personal use and are not connected with the trade or manufacturing of agriculture.
  • Persons importing or exporting goods from or to Nepal where the CIF Value (Cost + Insurance + Freight Price) does not exceed INR 25,000.
  • Persons importing or exporting goods from or to Myanmar, through the Indo-Myanmar border, where the CIF Value (Cost + Insurance + Freight Price) does not exceed INR 25,000.

However, the export of SCOMET products does not enjoy the benefits of this exemption from IEC Registration. SCOMET stands for Special Chemicals, Organisms, Materials, Equipments & Technologies as mentioned in Appendix 3, Schedule 2 of the International Trade Clarification based Harmonized System, ITC(HS).

Documents required when applying for an IEC

An application for an IEC is a PAN-based application i.e. the primary document for providing proof is the Permanent Account Number. 

Further, along with the PAN, the name provided as well as the date of birth or incorporation for the individual or business, will be cross verified with the income tax department details. 

The complete list is as follows:

  1. PAN Card of the applicant (Individual, HUF, Trust, Partnership, LLP, or Company).
  2. Owner’s/Karta’s/Managing Trustee’s/Partner’s/Director’s identify proof. This could be any one of the following:
    1. Aadhar Card
    2. PAN Card
    3. First and Last page of the Passport
    4. Voter ID Card

    5. Driver’s License
  3. Owner’s/Karta’s/Managing Trustee’s/Partner’s/Director’s digital photograpgh (3cm * 3cm).
  4. Proof of establishment for entities as follows
    1. Sole Proprietorship - None
    2. HUF - None
    3. Partnership - Copy of Partnership Deed
    4. Society - Registratoin certificate of Society
    5. Trust - Copy of Trust deed
    6. LLP - Certificate of Incorporation
    7. Private Limited Company - Certificate of Incorporation
    8. Section 8 - Certificate of Incorporation
  5. Proof of address can be any one of the following:
    1. Sale deed if property is owned;
    2. Rent Agreement of Lease Deed.
    3. Telephone Bill
    4. Elecrticity Bill
    5. For Sole Propretorships ONLY - a few other options have also been provided such as, Aadhar Card, Passport or Voter Id.
  6. Proof of Bank Account 
    1. Bank Certificate as per Aayaat Niryaat Form 2A (ANF 2A)
    2. Cancelled Cheque
  7. Class 3 Digital Signature Certificate

FAQs

  1. Does IEC code mean an additional tax rate?
  2. Can Individuals get an IEC?
  3. Are there any penalties for not getting an IEC?