An IEC registration is a code required by an individual to export or import goods. It is a 10 digit code give by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. This is an important requirement for a businessman in India who is in the business of importing and exporting. IEC stands for Import Export Code. Import No person can export or import without an export code.
IE code registration in Chennai- T.Nagar states that if anyone is planning to expand your market and export / import across borders, contact our experts and find out all the formalities you need to get and you can get all the services like GST registration, company registration. In this age of cut-throat opposition, everyone wants to grow their business beyond the domestic market limit. IEC (Import Export Code) license is such a requirement when it is necessary for exporting or importing from India.
IEC license in Chennai states that this is require for anyone looking to start his / her import / export business in the country and it is issue by the DGFT (Director General of Foreign Trade) and the IEC is a 10-digit code with lifetime validity. Most importers’ merchants cannot import goods without an import-export code, and exporters cannot obtain benefits from DGFT for items such as an export plan without an IEC.
IEC new updates
According to a recent circular issued by the government, the IEC is not mandatory for all traders register under the GST. In all such cases, the trader’s PAN will be treat as the new IEC code for export and import purposes.
IE code registration in Chennai- Velachery states that there is no need to take the Import Export Code unless the imported or exported goods are used for personal purposes and also for any commercial purposes. Import / Export, Notified Charitable Institutions made by Government of India Ministries and Ministries are not required to obtain Import Export Code.
As a measure of ease of doing business, it has been decided to keep the identity of an organization uniform across departments / ministries so that the PAN of an organization is use for the benefit of the IEC, i.e., it is issue by the DGFT as an alphanumeric and PAN of an entity.
Import Export license in Chennai- Gopalapuram states that for new applicants came into force from June 12, 2017, the application for IEC will be submit to the DGFT and the applicant’s PAN will be authorized as IEC, for communities residing under para 2.07 of HBP 2015-20, issued by IEC GSTN and authorized by DGFT or DGFT Normal number. For accessible holders, the necessary changes in the system are handle by the DGFT so that their PAN becomes their IEC.
The DGFT system carries out these migrations and existing IEC holders do not need to exercise extra exercise in this regard. Holders are require to quote their PAN in their future documentation, with effect from. Date notified. Inheritance data based on IEC is convert to PAN at specified time.
Merits of IEC registration
IE code registration in Chennai specifies that businesses have great options through the import and export business to unlock the international market for their product or service. The IEC Code is a key requirement for entering the international market, which contributes to the growth and development of the business to a certain extent. Here are the benefits of IEC registration for businesses.
Global Market Reach
IEC registration in Bangalore- Maruthi Seva Nagar states that as mentioned, it is a primary requirement for import and export of goods and services from India, which allows businesses to unlock global opportunities in the international trading market. It raises the global profile of the business and thus opens the door to growth and expansion.
Lifetime validity
IEC registration is a permanent registration that is valid for a lifetime. Therefore there will be no difficulty in updating, filing and renewing IEC registration. It is valid for as long as the business lasts or the registration is not withdrawn or surrender.
Benefits of schemes
IEC registration in Bangalore -Maruthi Seva Nagar specifies that the IEC code has a huge benefit for both importers and exporters. Similarly,registered business entities can receive benefits in the form of subsidies or declare by customs, the Export Promotion Council or other authorities. After filing LOT under GST, exporters can export without paying tax. If the exports are tax deductible, the exporter can get a refund of the amount paid as tax.
Not applicable
IE code registration in Bangalore insists that unlike other tax registrations, the importer or exporter does not have to meet certain compliance requirements such as annual filing or return filings. Consent is not require after code registration.
No annual maintenance
IE code registration in Bangalore states that as consent is not list, there is no need to pay the annual maintenance fee upon receipt of this code. No filing or renewal of registration is require for each financial year.
Legally clean
IEC license in Bangalore-Maruthi Seva Nagar insists that obtaining a license code to import and export goods and services for business purposes. Also,It is the main legal license that facilitates and legalizes border transactions.
Business Growth: IEC helps you take your product or service to the global market and grow your business.
Getting many benefits: Companies can avail import / export benefits from DGFT, Customs, Export Promotion Council etc. based on their IEC registration in Chennai-T.Nagar
No filing of returns: It does not require the filing of returns and, once elect, even for export transactions, there is no obligation to follow any procedures to maintain its validity and no filing of returns with DGFT.
Easy processing: Also It is very easy to get the IEC code from DGFT within 10 to 15 working days after submitting the application and you do not need to prove any import or export to get the IEC code.
Hence this IE code registration is important since APEDA, AEPC registrations can be carry out which are consider as an advancement in the business.