IEC code stands for Import Export Code and this certificate is required to be hold by the Person/ Entity engaging itself into the business of Import and Export of Goods. It is mandatory for person/ entity doing business of Import and Export to have IE Code. Earlier it was 10-digit code issued by the Directorate General of Foreign Trade (DGFT) in India. However, after enactment of GST Law, a person/ entity permanent account number is considered as its IEC No. and a separate application is required to be filed with DGFT for IEC code. For obtaining IEC Code, a person/ entity is required to submit an online application with the abovementioned department along with government prescribed fee. After submission of application a certificate is allowed by the department and in case department come to know any discrepancy or mistake or error or wrongdoing in such details or Certificate, then the department reserve the right to cancel the certificate.
• The code is unique to each business or individual and is valid for a lifetime, however, annual updation of record on or before 30th June is mandatory, else the same shall stand cancelled.
• It is a mandatory legal requirement to obtain an IEC code before engaging in any import/export activities in India.
• The code is issued based on the PAN (Permanent Account Number) of the business or individual.
• The application requires certain documents to be submitted, such as PAN card, proof of address, bank certificate, and photograph.
• Failure to obtain an IEC code can result in penalties or legal action.
If you are planning to engage in import/export activities in India, it is recommended to obtain an IEC code to comply with the legal requirements.
What is included in this
- Ascertain Eligibility Criteria
- Documents preparations and filing thereof
- IEC Certificate
- Liasioning with the DGFT
- 24*7 Mail Support;
- Timely reminder for updation of record on annual basis before Due date.
1. What does IEC Code Means?
IE Code or Import Export Code is a Certificate issued by the DGFT to the person/ entity engaged in the business of import and Export.
2. Who Need Import Export Code?
A person or entity intending to enter into the business of Import or Export of Goods are required to have IEC Certificate.
3. Can a person or Entity enter into import or export without IEC?
No, it is mandatory to have Import Export Code while entering into the business of Import of Export of Goods.
4. Is there any monetary minimum criteria requirement to have IEC?
No, there is no such minimum criteria requirement.
5. Can an individual or entity update their basic FSSAI License to a state or central FSSAI?
Yes, it is possible to update the FSSAI License into state or central by complying with the criteria and documentations as may be required to be submitted.
5. Can a person hold 2 IEC?
No, having multiple IEC for the same PAN is a punishable offence.
6. What is the validity for IEC Code?
Once Import Export Code is allotted, it is valid for the life time unless surrendered or revoked, However, Annual updation of record is required in case of IEC Code on or before 30th June.
7. Can only registered business have IEC Code?
No, Even an individual can also have IEC Code.