All About Import Export Code Or IEC Registration
In India, in order to commence any business relating to export of goods or services outside India or import of goods or services into India, every person requires Import Export Code (IEC) or IEC registration besides other business registrations like GST registration In following cases, there are no requirement to obtain IEC registration:
- When you are exporting or importing goods for your own personal use and it is not connected with any business or trade or manufacturing activity or agricultural activity.
- When import or export is done by any government organization and some specified charitable organizations.
IEC certificate is granted by Director General of Foreign Trade i.e DGFT under Ministry of commerce and Industry, Government of India.
What is procedure for obtaining IEC?
Previously, IEC could be applied manually also. However, now the application for IEC registration is filed only online. Also, DGFT fees is paid online.
Documents and Information required for applying IEC
Following documents/information are required for applying Import Export Code.
- Self-certified Copy of PAN card
- Self-certified Copy of Aadhar card
- Copy of Board resolution, in case of company
- Passport size photograph
- Copy of cancelled cheque of current account with bank
- Valid mobile and email id
- Digital signature
- Name and Address of business entity
- Nature of goods or services
IEC once issued is valid for life time. Also, it is valid for all branches of company.
Post GST Implementation
Now, since GST has been introduced, traders have to declare only GSTIN or GST identification no. for flow of credit of IGST paid at time of import of goods or services and to claim refund of IGST at time of export of goods or services although IEC registration is still required. It means that at time of import or export only GSTIN will be mentioned instead of IEC no. but IEC registration has to be taken compulsorily.
Therefore, any person whether it is company or non-company assesse, in order to do business of import and export, it has to take both GST registration as well as Import Export Code or IEC registration.
Normally, 5 to 7 working days are taken in allotment/issue of IEC no. however, it may increase owing to processing time involved.