Importers need to quote the IEC while clearance at Customs. Banks also require IEC while sending money abroad. Exporters need to quote the IEC while sending shipments abroad. Banks also require IEC while receiving money from abroad.
IEC doesn’t require filing of any return. No procedures are required to be performed to ensure its validity. Even during the transactions, no filing has to be made with the DGFT.
Any company, LLP, partnership firm, or an individual’s (Sole Proprietors) can obtain IEC in their name. Existence in the form of a Business Entity is not essential for obtaining IEC.
IEC doesn’t require any renewal and remains in existence for the lifetime of the entity.
It helps in the expansion of the business to global horizons.
IEC can help businesses avail several benefits for their exports/imports from DGFT, Export Promotion Council, Customs, etc.
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Application for the IEC needs to be made online on the DGFT portal. Offline application can be filed in the format of Aayaat Niryaat Form 2A to the DGFT in the region in which registered office of the company is established (Regional Office of DGFT).
The application may be sent back for correction/change. The reply needs to be submitted within 15 days of receipt of application for correction.
After verification by IEC Department, DGFT will allow IEC for the business. It comes in soft as well as hard copy.
Any person who is indulged into importing or exporting goods and services to and from India is required to get itself registered under IEC. A person who proposes or intends to make exports or imports at a later date may also get itself registered.
ID Proof and Photo -Copy of ID Proof (PAN Card, Aadhaar Card, Voter ID Card) and passport-size photograph of the person authorized to file the IEC application.
Letter authorizing a person to file the IEC application, in the case of Partnership Firms.
Authority from other directors on the Letter Head, in the case of a Company.
Copy of Business Proof (Partnership Deed, Certificate of Incorporation, Registration Certificate).
Cancelled cheque of the entity's bank account.
Copy of Address Proof – Sale deed in case the premises are self-owned, Copy of the latest Electricity or Telephone bill along with the copy of the Rent Agreement or Lease Deed if the premises are rented.
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No tax is levied on IEC. Customs duty may be levied depending on the category of the products imported or exported.
Since IEC is not a mandatory registration except for the importers and exporters, there is no penalty for not having IEC.
Modification can be made online in the IEC application. It requires resubmission of the application with the DGFT with all the required documents. IEC Modification fees also need to be submitted with the department.
If the IEC Certificate has been taken in the process of e-IEC, then the certificate can be downloaded anytime by login to the IEC portal with the username details. In case of availing IEC using the physical process, application for e-IEC needs to be made again with all the documents, and DGFT shall provide a certificate in the new online format.
After submission of all the requisite documents, IEC is allotted by the DGFT in 5-10 days. It is not necessary to show proof of any export or import to obtain IEC.
IEC is only a license permitting the import and export of goods. Therefore, no return is required to be filed under the IEC code.