What is an Import-Export Code (IEC)?

The IEC is a key business identification number required for:

1.Importing Goods: Bringing goods into India from other countries.

2.Exporting Goods: Sending goods from India to other countries.

3.Availing Export Benefits: Claiming incentives under government schemes.

The IEC is issued under the Foreign Trade (Development and Regulation) Act, 1992, and is valid for a lifetime.

Who Needs an IEC?

An IEC is mandatory for:

1.Importers and Exporters: Businesses involved in cross-border trade.

2.Manufacturers: Companies exporting their products.

3.Service Providers: Businesses providing services to foreign clients.

4.E-commerce Exporters: Online platforms selling goods internationally.

Note: Individuals importing or exporting goods for personal use do not require an IEC.

Benefits of IEC Registration

1.Legal Compliance: Mandatory for customs clearance and international trade.

2.Access to Global Markets: Enables businesses to trade with foreign countries.

3.Export Incentives: Eligibility for government schemes like MEIS (Merchandise Exports from India Scheme) and RoDTEP (Remission of Duties and Taxes on Export Products).

4.Tax Benefits: Avail of GST refunds and duty drawbacks on exports.

5.Banking Transactions: Required for processing foreign currency transactions.

Documents Required for IEC Registration

1.PAN Card: Permanent Account Number of the business or individual.

2.Aadhaar Card: For identity verification.

3.Proof of Business Address: Rent agreement, utility bill, or ownership documents.

4.Bank Account Details: Cancelled cheque or bank statement.

5.Passport-Sized Photograph: Of the applicant.

6.Digital Signature: For companies and LLPs.