Introduction
IEC Registration and Overview
Importer Exporter Code (IEC) is a unique 10 digit code issued by Director General of Foreign Trade (DGFT), Ministry of Commerce, and Government of India. An Importer Exporter Code (IEC) is crucial business identification number which mandatory for export from India or Import to India.
Unless specifically exempted, any person shall make no export or import without obtaining an IEC. For services exports, however, IEC shall not be necessary except when the service provider is taking benefits under the Foreign Trade Policy also persons importing or exporting goods for personal use not connected with trade or manufacture or agriculture are exempt from obtaining IEC.
Consequent to the introduction of GST, IEC being issued is the same as the PAN of the Firm. However, the IEC will still be separately published by DGFT based on an application.
If an importer does not have both IE code and GST Registration, the goods will be stuck at the port and start incurring demurrage charges or could be destroyed.
The establishments Employing Less than 10 Workers just need to inform on the start of their businesses.
An establishment with fewer than 10 employees must submit an online intimation of beginning of operation to the facilitator appointed under the New Shops Act within 30 days from commencement of business. Intimation has to be filed in form F along with documents listed in Part C of Schedule to new shop act rules.
Establishments with fewer than ten (10) employees aside from intimation in form “F”. are not required to comply with The Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2017, which went into effect on December 19, 2017.
Shop and establishment registration online site is https://aaplesarkar.mahaonline.gov.in/en, online trade license can be apply through this website, and shop and establishment registration certificate provided instantly.
gumasta license online Maharashtra is for lifetime, gumasta licence renewal online is not needed but gumasta license registration can be cancelled.
The following are the benefits of registering for Import Export Code:
- Business expansion: Registering for Import Export Code will help you in expanding your business and reaching out to a larger market on a global scale, thereby helping your business to grow by leaps and bounds.
- No return filing: Registering for Import Export Code will mean that you need not file any returns. Once the code has been allotted to you, you will not be required to follow some kind of process to ensure that its validity is sustained. Even with regard to export transactions, you will not be required to file your returns with the Director General of Foreign Trade.
- Simple processing: Obtaining an Import Export Code from the Director General of Foreign Trade is fairly simple. Applications are usually processed within 2 to 3 days once submitted.
- Other benefits: Companies that register for Import Export Code could make the most of several other benefits offered by customs, the Export Promotion Council, and the Director General of Foreign Trade.
An IEC allotted to an applicant shall have permeant validity but it is mandatory to update the IEC annually so that IEC is not deactivated. If the IEC is updated between April to June period each year , no fee shall be charged for updating of IEC.
- Valid Login Credentials to DGFT Portal (After Registering on DGFT Portal)
- IEC may be applied on behalf of a firm which may be a Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, and Society.
- The Firm must have an active Firm’s Permanent Account Number (PAN) and details like Name as per Pan, Date of Birth, or Incorporation.
- The Firm must also have a bank account in the Name of the Firm and a valid address before applying.
Note: These details will be validated with the Income Tax Department site.