What's the use of Import Export Code? - 0 views
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LegalWiz .In on 04 Jun 18Import Export Code, commonly known as IEC is a 10 digits code allotted by Directorate General of Foreign Trade (DGFT) to the applicants to allow the cross boarder business from India. It is a centralised registration with the life time validity. For the businesses, the need of IEC Code registration lies in the compulsion to provide the code to bring goods in India or to sell outside India.The code allotted implies a certificate to business to engage into international transactions. Itmust be disclosed before accepting the imports or processing the Exports from India as part of business activity or any transaction in relation thereto. The requirement to make an application for IEC online registration does not arise in following cases: Goods are imported or Exported for the personal use and will not be used for any business or related purpose; or Import or Export by government ministries and departments, and certain notified charitable organizations. The Import Export Code registration is beneficial to businesses in many ways in addition to the mandatory requirement of registration in situation prescribed. Unlocking the international market, business can expand the scope operation and market reach. IEC code is a license for import and Export businesses, which is submitted to appropriate authority as and when required. The registration helps Government to administer the transportation of restricted or prohibited or illegal goods and regulation of all international transactions. The registered business entities can avail benefits in form of subsidies or otherwise declared by the Customs, Export Promotion Council or other authorities. The application for import Export code is made online which makes the process hassle free for the business owners with simple documents requirement. It is a code is allotted with lifetime validity and is based on Permanent Account Number of the business organization. Therefore, no renewal is required once the registration is obtained to