IEC is a 10-digit identifying number called the Import Export Code (often referred to as the IEC code), given out by the Director General of Foreign Trade (DGFT), Department of Commerce, Government of India. It is also known as Importer Exporter Code. To begin an enterprise that deals with imports and exports in Indian territory, organizations, and businesses must receive this code. Without this IEC code, it is unlawful to do export or import operations.
There are specific procedures to adhere to in order to apply for and obtain an import export code (IEC) in India. Every applicant must follow these steps.
The IEC does not require the GSTIN to be updated or included. However, it has been made known that PAN would identify as an IEC on all IECs issued starting from 1 July 2017.
Following steps indicate the steps for the IEC Importer registration procedure:
According to the most recent notification on IEC by the government, the IEC code registration charge is a minimal sum of Rs 500 and can be paid online with credit or debit cards, e-wallets, or net banking. So, in India, the government charge or official fee for obtaining an IEC code is Rs. 500.
The Directorate General of Foreign Trade (DGFT), which is part of the Ministry of Commerce, Government of India, issues IEC in electronic form i.e., (e-IEC).
The following documents are required for IEC Code Registration:
You get Importer number in the IEC code registration documents.
IEC code can be easily obtained from the DGFT within 10 to 15 days of the application being submitted.
A vital business identification code known as an Importer-Exporter Code (IEC) is necessary for exporting from or importing into India. No person may export or import without first obtaining an IEC unless particularly exempted.
With effect from July 1st, 2017, importers must have a GST registration since their GSTIN must be displayed on their bills of entry in order to pay IGST and to claim the input tax credit. The importer would just have to disclose the GSTIN (where registered under GST). The IGST Act, 2017, defines the import of goods as the movement of products into India from a location outside India.
In accordance with the Foreign Trade Policy (FTP), the Director General of Foreign Trade (DGFT) provides the IE Code. Nobody is permitted to import or export goods from any country without having an IE Code.
The final step in exporting/ import of products is shipment, and in order to successfully complete shipment clearance, one must demonstrate IEC. The DGFT (Director General of Foreign Trade), Department of Commerce, Government of India, issues the import-export code, also known as the IEC code, which is a 10-digit identifying number. Importer Exporter Code is another name for it.
Ans: Importer code, is also known as an IE code or Import-Export code. All the importers and exporters who conduct business in India are required to have an import export code, or IEC, which is a distinct 10-digit code.
The importer name should be preceded by the IEC number without the use of any special characters or brackets. For instance, you may add "0XXXXXXXXXX PRERNA DATES LTD" in the importer's name column of the IGM_Cargo specifications. Additionally, prefixes like /s., m/s., M/S., etc. should be avoided.
PAN Based IE code is produced by DGFT offices spread out across the nation, and it is compiled at DGFT headquarters. Click the IE Code @DGFT button to check whether your IE code has been delivered to the DGFT headquarters and to scrutinize the accuracy of your IE code data.
In order to obtain an IEC Code for a company simply go to the DGFT website. Then, enter the pre-generated user name and password to access the DGFT website after registering there. Select "Apply for IEC" from the drop-down menu on the DGFT website. Click on the "Submit and Generate IEC Certificate" button after completing the application form (in ANF 2A format), upload all the necessary documents, and make the required payment.