IEC – Import Export Code

IEC is a 10-digit identification number which is issued to business people and individuals trading internationally. The IEC is issued by the Directorate General of Foreign Trade under the Ministry of Commerce and Industry, Government of India. This is an indispensable number to import or export goods and services from India.

Who Needs IEC?

1. Businesses or individuals trading in importing and exporting goods or services.
2. IEC is exempt for personal use of merchandise or items of no commercial value.
3. For some notified charitable organizations as well as government agencies,

Benefits of IEC

• Legitimate Permission: In order to carry out all the international trade activities, businesses require IEC.
• Admittance to International Markets: Businesses are permitted to conduct international trade and they are given access to international markets.
• Government Incentives: It provides a very effortless way of acquiring many of the government incentives such as subsidy, tax benefit and duty exemption, among other things.
• No Annual Compliance: There is no renewals or annual filing involved; therefore, it becomes a one-time registration procedure.

Documents Needed for IEC Registration

Individual

• PAN Card
• Aadhaar Card, Passport or Voter ID
• Cancelled Cheque or Bank Certificate as proof of bank account

Business

• Entity’s PAN Card
• Certificate of incorporation or partnership deed
• Address Proof (Electricity Bill, Rent Agreement, etc.)
• Bank Account Proof

How to Get IEC?

• Online Application: Register on the DGFT website with PAN.
• Submission: Upload documents, and fill the application form.
• Payment: Online through the nominal application fee
• Verification and Approval: DGFT verifies the details and releases the IEC electronically in 1-3 working days

Compliance after Registration

No need to file periodical returns.

In case there is any alteration, the details of IEC are updated online, like business name or address, etc.

If the Import Export Code is not provided:

Then the import/export operation will not be permitted to be carried out.

Legal and financial penalization will happen due to unauthorized trade operations.