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Import Export Code (IEC Code)
The first requirement before you start an import/ export business in India is to obtain an IEC. An IEC is necessary for import/export of goods. In case the import/export is of services or technology, IEC is required in only limited circumstances, when import/export is in ‘specified services’ or ‘specified technologies’, i.e. services or technologies in which international trade is restricted by the Government of India as they pertain to national security, such as dealing in nuclear weapons, automatic guns, etc.
Benefits of IEC registration:
- IEC Registration helps you to grow your business to the worldwide market and develop your organizations as per your expectations.
- The Companies could benefit themselves of their imports export from the DGFT, Export Promotion Council, Customs, and so on, based on their IEC registration online.
- Once you apply for IEC registration, no return fillings is required. Once you get your registration done, there isn’t any prerequisite to follow any kind of procedures for supporting its legitimacy. There isn’t any prerequisite for documenting any profits with DGFT also. Hence, there is no filling of returns.
- It is genuinely very simple to acquire IEC code from the DGFT within a time period of 10 to 15 days subsequent after submitting the application. There isn’t any need to give a proof of any fare or import for getting IEC code.
- IEC code is viable for the lifetime of an element and requires no reestablishment. After it is acquired, it could be utilized by a substance against all fare and import exchanges.