An Importer Exporter Code is a unique 10-digit code, which is requisite for every import/export business owner in India. The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce and needs no filing or renewal. IEC is required to clear customs and shipment, and to transactions with foreign banks. Businesses can avail government schemes like Merchandise Export from India Scheme (MEIS), Service Export from India Scheme (SEIS) and others from Customs and Export Promotion. The process of obtaining IEC is not tedious and can be obtained with minimal, basic documents.
Any person/company dealing in international trade of export and import of goods and Services need to register for IE code.
IE Code is not a tax registration. However, certain customs duty may be levied depending on the product.
No. IEC is a mandatory document for recognition by Govt. of India as Exporter / Importer of goods and services.
Any type of business registration: Sole Proprietorship, Partnership, Private Limited and Charitable organization dealing with the export and import of goods should register for Importer Exporter Goods.
Once registered the Import Export Code is permanent and becomes valid for lifetime. Hence, there is absolutely no need for renewal or update. It lasts until the business ceases to exist or the registration is surrendered. Also, the business does not have to do any monthly or annual filings like GST, PF, etc.