Import Export Code
All businesses engaged in importing and exporting goods must have an Importer Exporter Code.
Frequently Asked Questions
IEC Stands for Importer Exporter code which is a 10 digit number issued by Director General of Foreign Trade, Department of Commerce, Government of India. It is a registration required for traders importing or exporting goods and services to or from India.
Import Export Code number is a proof of a firm as an Exporter/Importer in India. IE code can be submitted with government authorities as a proof of trade to obtain various benefits on their exports / imports from DGFT, customs etc.
Under the MEIS Scheme, numerous rewards and incentives are provided to exporters. Such incentives are given to exporters at a prescribed rate which varies from product to product.
Any person/company dealing in international trade of export and import need to register for IE code.
IE Code is not a tax registration. However, certain customs duty may be levied.
No. IEC is a mandatory document for recognition by Govt. of India as Exporter / Importer of goods and services.. However, if value of goods is too low, the custom authorities may permit first export by imposing nominal charges.
Anyone who is acting as sole proprietor of a business can obtain IE code Registration.
To obtain IE code registration, a copy of PAN Card, proof of address of business and constitution of the business [Partnership deed, Incorporation Certificate, etc.,] and a cancelled cheque is required.
IEC Registration can be obtained from the DGFT in 10-15 working days after submission of all required documents and application form.
IE Code is not a mandatory registration, only importers and exporters of goods or services need to have IE Code. Therefore, there is no penalty for not having IE Code registration.
No. IEC is a mandatory document for recognition by Govt. of India as Exporter/Importer. However, if value of goods is vey law, the concerned customs officer may permit first export (only one time) by imposing penal charges.
Yes, IEC number is reflected in all customs documents related to exports and imports.
What is a Import Export Code?
Import Export (IE) Code is a 10 digit code issued by DGFT – Director General of Foreign Trade, Ministry of Commerce, Government of India to Indian Companies. It is a registration required for persons importing or exporting goods and services from India.
It is mandatory for all importers to mention their IE Code while clearing customs when their goods arrive in India. Similarly, all exporters must mention their IE Code while exporting their goods from India. Additionally, the Reserve Bank of India has made it compulsory for all the traders to mention IE code while making a payment transfer to a foreign bank account. Therefore, the IE Code is essentially required for anyone involved in import or export in India.
IE Code once issued can be used by the entity throughout its existence and do not require any renewal or filing. Therefore, it is recommended for most organizations to obtain IE Code, irrespective of if they need it at the moment.