What is IEC Code?
The IEC Code represents Import Export Code, it is an exceptional 10 digit enrollment code given by the Government of India’s Directorate General of Foreign Trade (DGFT) (Ministry of Commerce and Industries).
The IEC number is essential for any import trade business in India, as it makes it simple to follow and oversee shipments. This exchange typically relates to labor and products. There are, in any case, exemptions when the IEC Code isn’t needed.
IEC and PAN Number
In August 2018, the IEC Code was coordinated with PAN Card in light of different web program-related issues looked at by candidates.
However, since the new approach given by the public authority, GST isn’t required for the IEC Code.
Therefore, the new IEC Code number is an electronic-IEC Code (e-IEC) which can be applied on the web and is equivalent to the PAN number of the candidate.
Likewise note that after the August 2018 DGFT notice, different changes have been made to the strategy and system for the IEC application.
Will one product/import be without an IEC code?
You can’t send out/import anything without IEC Code. IEC number is a necessarily required code for product and import business elements, it additionally smoothes out the administration and following of shipments.
The exporter/shipper is expected to statement the IEC Number while sending shipments. The current record, as well, requires the IEC number for moving assets.
Also, read: ISO registration
Why IEC Code is required?
Recorded here are a portion of the significant advantages of having an IEC Certificate:
Any individual can get an IEC Code, by applying for it before the beginning of their commodity tasks.
Once given by DGFT, the IEC Code legitimacy stays for a lifetime and doesn’t lapse, nor it should be recharged by the IEC code holder.
Having an IEC Code doesn’t expect you to document any return and you want not to illuminate the DGFT about the exchanges made utilizing the IEC Code.
Having an IEC makes you qualified for different advantages from Customs, the Export Promotion Councils (EPC), and the DGFT occasionally.
For example, an exporter can without much of a stretch view the ebru for trade exchanges utilizing their IEC code that determines whether the organization is qualified for motivating forces under different product plans
The IEC turns into your pass to grow your new commodity business as it is a universally perceived ID checking you as an enlisted exporter, which empowers you to spread your business across the world and adventure into new regions.
There is no yearly support cost or charge associated with holding the IEC code.
By utilizing an IEC code, all your commodity dealings stay recorded and you can undoubtedly demonstrate your organizations’ consistency when it is looked for by specialists. Accordingly, utilizing an IEC Code builds your believability.
The method involved with getting an Import Export Code Certificate is extremely straightforward.
It tends to be done on the web or, as referenced prior, as a PAN-based enrollment process. The reports expected for the IEC Code enrollment are clarified in the following segment.
What are the reports expected for IEC Code online application?
As referenced above, the documentation required for a new e-IEC application is very straightforward.
Bank Certificate for IEC Code – ANF-2A (See Figure 1) or a Pre-printed Cancelled Check
Address Proof of the firm
The Address Proof can take any of the accompanying structures:
Deal deed/Rent understanding/Lease deed/Electricity charge/Telephone landline charge/area/Mobile postpaid bill/MOU/Partnership deed – any of these archives (contingent upon the kind of business substance you have picked)
Aadhaar Card/Passport/Voter ID – any of these records can be utilized in the event that the candidate possesses a Proprietorship concern
A No Objection Certificate (NOC) from the proprietor of the organization’s premises/area for the organization, alongside the Address Proof, ought to be submitted as a solitary PDF archive – on the off chance that the Address Proof isn’t for the sake of the candidate organization.
As of ninth August 2018, just the records referenced above should be transferred electronically.
The record ought to be transferred in advanced configuration – PDF or JPEG, and the size of the document shouldn’t surpass 5MB. The reports need not have an advanced mark.