iec code registration documents
IEC Code Registration in India: A Step-by-Step Guide
The import-export business is booming in India, and if you are planning to venture into this lucrative market, it is essential to obtain an Import Export Code (IEC) registration. IEC code is a unique 10-digit number issued by the Director General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. This code serves as a primary identification for customs authorities while clearing your import or export consignments.
Importance of IEC Code
The IEC code registration is mandatory for all businesses engaged in import and/or export activities in India. It is a prerequisite for availing various benefits and exemptions such as customs clearance, export promotion schemes, and availing export incentives. Whether you are an individual, partnership firm, limited liability partnership (LLP), or a company, obtaining an IEC code is a must to engage in cross-border trade.
How to Apply for IEC Code Registration?
Applying for an IEC code registration is a fairly simple and hassle-free process. Let’s take a look at the step-by-step procedure:
Step 1: Check Eligibility
Before starting the registration process, it is important to verify your eligibility for IEC code registration. Any bonafide person/entity who wants to engage in import/export activities can apply for the IEC code. However, certain categories of entities, such as government departments and agencies, are exempted from obtaining an IEC code.
Step 2: Gather Required Documents
To initiate your IEC code registration, you need to gather the following documents:
1. A copy of the PAN card of the applicant
2. Passport-sized photograph of the applicant
3. A canceled cheque of the current bank account of the applicant
4. A copy of the proof of address (e.g., electricity bill, telephone bill, etc.) of the business premises
Step 3: Fill the Application Form
Once you have all the required documents ready, you need to fill the IEC code registration application form in the prescribed format. This form can be downloaded from the official website of the DGFT.
Ensure that you provide accurate and complete information in the application form. Any misrepresentation or incomplete information can lead to rejection of your application.
Step 4: Make Payment of Application Fee
After filling the application form, you are required to make an online payment of the IEC code registration fee. The fee is currently set at INR 500 and can be paid through multiple online modes such as credit/debit card, net banking, or UPI.
Step 5: Submit the Application
Once the payment is successfully made, you can submit the application along with the supporting documents and proof of fee payment. The application can be submitted either physically or online, depending on the preference of the applicant.
Step 6: Tracking the Application
After submission, you will be provided with a unique application reference number. This number can be used to track the status of your application on the DGFT website. The processing time for IEC code registration is generally within 2-3 working days.
Step 7: Receive the IEC Code
Upon successful verification of your application, you will receive your IEC code via email. The same IEC code will be communicated to the customs authorities, and you can start engaging in import/export activities using the allocated code.
Conclusion
Obtaining an IEC code registration is a vital step for every Indian business entity involved in international trade. It opens up numerous opportunities for growth and diversification in the import-export sector. By following the simple step-by-step process mentioned above, you can obtain your IEC code hassle-free and expand your business horizon. So, get ready to embark on your import-export journey with the IEC code as your key to success.,
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This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions.
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