Import and Export Code
As per the norms of the government of India, an import-export license certificate is necessary in case you want to import certain products from other countries or export your products to any other nation and grow your business. You may reach out to us for consultancy and assistance for obtaining your import export license.
IEC refers to a ten-digit code. Indian companies need to obtain the import export license certificate from the Directorate General of Foreign Trade. In India, the DGFT largely regulates foreign trade. The DGFT is a part of the ministry of commerce and industry. It formulates the trading policies, issues licenses, and deals with the regulatory framework.
With our assistance, you can save significant amounts of money and time while obtaining this license along with the license code. You may mail us your query regarding import export license application. You may also furnish the necessary details in the form provided below, along with your requirements. As leading consultants, we have been operating in the industry for long. With our experience and guidance, you can seamlessly obtain your import export license.
What documents are needed to obtain your import export license?
- PAN Card copy of the company, firm or individual
- Passport, Aadhar Card or Voter card copy of the individual
- Copy of electricity bill or rent agreement of the premise
- Copy of cancelled check of the current bank account of the company or the individual
When would you need the import export license?
Companies or individuals may need the IEC under these conditions:
- In case the firms or organizations want to carry out any activity related to import or export, the IEC is mandatory. You will not be able to engage in import or export without this certificate.
- Once you obtain the import export license, you can benefit from various subsidies from the Export Promotion Council, Customs and DGFT in course of your business activities.
- The customs port or customs authorities would ask for the import export license while dispatching shipments from customs.
- In case you are an importer and want to send money outside your country through your bank, the respective organization would ask for your import export license.
- The bank will also ask for this document from exporters when they receive money in the form of foreign currency into their bank accounts directly
Frequently asked questions
1. Is any separate code available for export and import?
You can use your import export code for both importing and exporting goods. A common misconception is that, you would need different codes for importing and exporting goods. You have a single registration for both these activities. Therefore, only the IEC number comes into play when you import or export goods.
2. Is IEC applicable for goods only?
Although you would need an IEC for both goods and services, it is assumed that it is necessary only for importing or exporting goods. Remember, exporting services or importing the same is treated as an international transaction. Therefore, if you plan to offer your services beyond your national boundaries, you need to apply for your import export license online.
Is any return or renewal associated with my IEC?
Registering your import export license is a one-time activity. It remains valid throughout your life, and it is not necessary to renew the license. When you pay or receive money, or engage in the import or export of your goods and services, you need to quote the IEC. You need not file any return for this license, since no compliance after registration is associated with it.
4. How do the authorities allot the registration number for my IEC?
In the past, the authorities in the IEC department used to issue a distinct number as the code for import export certificate. However, the Ministry has come up with certain revisions recently. In the process, the applicant’s PAN card number would serve as the IEC’s registration number. Therefore, the IEC and PAN number would be the same. The applicant will be registered by the Ministry under IEC. The approval letter will be processed when they notify their IEC number.
5. Do I need an import export license if I want to deal with goods for personal use?
It is mandatory to obtain your import export license, if you want to carry out import or export for commercial or business purposes. However, it is not needed if you want to import or export something that you would be using personally. For personal use, goods can be imported or exported without any registration.
6. Is it necessary to take different import export number for each of the firms?
No, it is not necessary for every firm to apply for an import export license. However, your PAN is associated with the IEC. Therefore, in case you own more than one proprietorship firm, only one import export registration has to be considered for every firm. The reason is, no separate identity is available for each proprietorship firm. Evidently, the individual’s PAN serves as the proprietorship firm’s PAN. In case you have allotted more than a single import export certificate for your PAN, you need to surrender the same for cancellation to the Ministry. An LLP or partnership firm has to quote their own PAN and the authorities will allocate a separate PAN to them.
7. Is it necessary for government departments to have an import export license?
No, departments of the State or the Central government do not have to register for an import export registration. A fixed number is allotted to them, and they need to quote the same for any such transaction.
8. If I have GST, is it necessary to apply for import export license?
Yes, you would need an import export license whenever you import or export goods. Even when you have a registered GST number, it is compulsory to get your PAN registered with the DGFT department, in case your business involves any import or export activity.
The norms of import export certificate are very simple, so try not to listen to rumours. Try to expand your business globally. In order to do away with any kind of hassle, make sure to register under IEC.
9. I want to know about the validity of an IE code
It is not required to renew your IE code, since it remains valid throughout your life.
10. Under what conditions is the importer exporter code not necessary?
An importer exporter code will not be necessary under the following conditions:
- When you import or export something which is not related to trade, agriculture or manufacture, and you use them personally.
- When you import or export goods through departments of government ministries and some specified charitable organizations.