What are the Benefits of Import Export Code?

Swarit Advisors | Updated: Jun 08, 2018 | Category: IEC

In this age, everyone is looking forward to growing their business no matter its domestic or international. If you are planning to business outside India then it is not just a cup of tea. Before going worldwide, you have to follow a few procedure and laws to get your benefits of Import Export Code & license done. IEC (Import Export Code) is required by any individual who is willing to start his import-export business. It is issued by the DGFT (Director General of Foreign Trade) [1] . IEC is a 10-digit code which has lifetime legitimacy. Traders can’t import goods without the Import Export Code and comparatively, the exporter vendor can’t profit by DGFT for the export without IEC code.

Table of Contents

Know the Advantages of IEC License

Development of Business: – IEC Code helps you to grow your business to the worldwide market and develop your organizations as per your expectations.
Avail Several Advantages: –The Companies could benefit themselves of their imports export from the DGFT, Export Promotion Council, Customs, and so on, based on their IEC registration online.
No Filling of returns:-Once you apply for IEC License, no return filings are required. Once you get your registration done, there isn’t any prerequisite to follow any kind of procedures for supporting its legitimacy. There isn’t any prerequisite for documenting any profits with DGFT also.
Simple Processing:- It is genuinely very simple to acquire IEC code from the DGFT within a time period of 10 to 15 days subsequent after submitting the application. There isn’t any need to give a proof of any fare or import for getting IEC code.
No requirement for renewal:- IEC code is liable for the lifetime of an element and requires no reestablishment. After it is acquired, it could be utilized by a substance against all fare and import exchanges.

Where Import Export Code Is Not Mandatory?

As indicated by the most recent circular issued by the Indian government, IEC isn’t compulsory for all business person who is registered under GST. In every single case, the PAN of the trader will be referred to as the new IEC code for the import-export of goods. Import Export Code (IEC) isn’t required if in case, that the products that sent out or imported is for individual purposes and isn’t utilized for any business reason. The government of India, Departments, and Ministries require not require getting Import Export Code for Notified Charitable organizations. In case, that you are willing to grow your market then you can anytime contact our specialists who are having years of expertise. We know all the conventions you have to go through.