Import Export Code, popularly known as the IEC code, is a 10 digit unique code issued by the Director General of Foreign Trade, Ministry of commerce, Government of India. It is a code given to the person who is involved in activities involving import and export of goods and services. Without the IEC code a person cannot import or export goods and services.
Any person who is willing to export or import can apply for dgftIE Code Online Application Procedure India. It is basically acts as a license to import and export of goods and services. IEC Code Online Application Indiacan be filed at the Regional Authority of Directorate General Foreign Trade in case of companies and head office in case of others. The applicant may also opt for online application.
The documents necessary for applying for IEC Codeonline application India are Covering letter, duly filled aayaatniryaat form, copy of receipt of payment, banker certificate, PAN (Permanent account Number) card copies, 2 copies of photographs and a self addressed envelope is also to be submitted at the time of application for IEC.
Every application for thedgftIE Code Online Application Procedure Indiamade should be complete. If the applications are incomplete, then the application is liable to be rejected. However, if there are any changes to be made in the application, then the same could be made by intimating the same to the Regional Office.
There are few categories of importers and exporters who are exempted from acquiring IEC number before importing or exporting goods and services and they are as follows,
- Ministers/ Department of the Central or State Government
- Persons who import or export goods and services for their personal use and are not involed in any kind of trade or manufacture or agriculture.
- Persons who import or export goods and services to/from Nepal, provided that the CIF value that is Cost, Insurance and Freight value of the consignment is less than Indian Rs. 25000.
- Persons who import or export goods and services to/from Myanmar, provided that the Cost, Insurance and Freight value of the consignment is less than Indian Rs. 25000.
However, the exemptions from obtaining the Importer Exporter Code number is not applicable for the export of Special Chemicals, organisms, materials, equipments and technologies (SCOMET).
According to Section 12 of the Director General of Foreign Trade (Regulation) Rules, 1993, it is mandatory to declare the IEC number on importation and exportation out of any Customs prot of any goods in the Bill of entry or shipping bill. This will help in help in keeping a proper track of total imports and exports made by an IEC number holder. This will in-turn be helpful in the calculation of the tax and will also help in maintaining a balance in the number of imports and exports.
For effective application of IEC number, it is better to have the assistance of an expert in the same. A leading law firm like Company Vakil, renders it assistance to the applicants in filing for the IEC number.