Import Export Code Registration
Import and Export code is a 10 digit unique number issued by the Directorate General of Foreign Trade (DGFT) to a business entity for import and export in India. The Import and Export Code helps the business grow in the global market. To clear customs, the trader must ensure that the importing entity has IE code and GST registration before initiating import of goods. If an importer does not have both IE code and GST Registration, the goods will be stuck at the port and will start incurring demurrage charges or could be destroyed. Once issued the IE Code is valid throughout the existence of the entity and there is no need to renew the code.
International Market Unlocks:
- As the IE Code is a requirement for the import and the export business they allow the products to reach the international market. IE code makes the entry of the Indian business in the international smoother and opens doors for growth and expansion.
Online Registration:
- The process to find the IE Code is completely online and hassle-free with little document submission.
Less Document Requirement:
- To obtain IE Code in India very few documents are required. Here is the list of mandatory documents that are required for obtaining the Import Export Code:-
1) PAN of the applicant
2) Canceled Cheque
3) Passport size photo of the applicant
4) Address proof of the applicant
Lifetime Validity:
- IE Code is a lifetime registration that is valid as long as the business is in existence. Hence, there are no issues with updating, filing, and renewing Import Export Code registration. The IE registration is valid till the business is in existence or the registration is not revoked or surrendered.
Reduces Illegal Goods Transportation:
- The most basic requirement for the Import-Export code is that you need to provide authentic information. Without providing proper information IE code cannot be obtained. This criterion makes transportation of illegal goods impossible.
Benefits of the Schemes:
- IE code has huge benefits for both importers and exporters. The registered business entities will be able to avail the benefits in form of the subsidies from the Customs, Export Promotion Council or other authorities. With LUT filing under GST, the exporters can make exports without paying the taxes. In case the exports are made with payment of tax the exporter can claim the refunds of the paid tax amount.
Compliance:
- Unlike other tax registration the person carrying import or export does not require to fulfill any specific compliance requirement such as the annual filing or the return filings.
- Digital Photograph (3x3cms) of the Proprietor.
- Copy of PAN card of the Proprietor.
- Copy of Passport (first & last page)/Voter’s I-Card/ Driving Licence/UID (Aadhar card) (any one of these).
- Sale deed in case business premise is self-owned; or Rental/Lease Agreement, in case office is rented/ leased; or latest electricity /telephone bill.
- Bank Certificate as per ANF 2A(I)/ Cancelled Cheque bearing preprinted name of applicant and A/C No.
- Digital Photograph (3x3cms) of the signatory applicant/Secretary or Chief Executive.
- Copy of PAN card of the applicant entity.
- Copy of Passport (first & last page)/Voter’s I-Card /UID (Aadhar Card) /Driving Licence/ PAN (any one of these) of the Secretary or Chief Executive/ Managing Trustee signing the application.
- Sale deed in case business premise is self-owned; or Rental/Lease Agreement, in case office is rented/ leased; or latest electricity /telephone bill.
- Registration Certificate of the Society / Copy of the Trust Deed
- Bank Certificate as per ANF 2A(I)/Cancelled Cheque bearing preprinted name of the Registered Society or Trust and A/C No.