The abbreviation of IEC is Importer- Exporter Code. IEC is regarded as a key business identification number that is compulsory for the purpose of export from India as well for the purpose of import to India. Without having an IEC no export as well as import must be made by any person. It is not a hard process but an easy process to obtain IEC Code from the DGFT within a time span of 10-15 days after the submission of the application. After the IEC Code is obtained, the code is used for the purpose of import as well as export. The validity of IEC Code remains for its lifetime unless and until one’s cancelled it.
An Importer Exporter Code is mandatory for the export as well as import of goods. IEC Code is necessary for those who wants to start their import/export business. The IEC Code is issued by the DGFT and it is a 10-digit code that has validity for lifetime. The IEC Code is compulsory only for the purpose of commercial and business. one can definitely apply for the modification of IEC by updating their existing importer- exporter certificate.
The applicant must fill the IEC Registration form and make payment. Otherwise, the applicant can also send their documents at firstname.lastname@example.org.
The benefits of Import Export Code are as follows:
- Business Expansion.
- IEC does not need the filling of any returns.
- Through the IEC registration the companies could get several benefits from the DGFT, Export Promotion Council etc.
- IEC Code is very easy to obtain from the DGFT within a time span of 10-15 days after the application get submitted.
- IEC Code is valid for lifetime and no renewal is required.
- IEC Code is important because it reduces the manufacturing costs.
With the introduction of GST, IEC Code is issued is the same as the PAN of the firm. The IEC Code is applied on behalf of a firm that may be a Partnership, LLP, Limited Company, Proprietorship, Trust, HUF. The firm should have a PAN, bank account in the name of the firm along with the valid address before getting applied.
The Import Export Code has lifetime validity, so there is no need to renew it. Moreover, no returns are to be filed for IEC because there are no post registration compliances. The IEC is used at the time of importing or exporting or paying or receiving payments.