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Indian trading opens up several business growth opportunities for Indian enterprises. Whether you want to import products, export products, or develop your business abroad, having an Import/Export License is essential for joining the international market. This code is provided by the Directorate General of Foreign Trade (DGFT), which is part of the Ministry of Commerce.
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Import Export Code (IE Code)
The business entity must get an Import and Export Code before importing into or exporting from India. The Import & Export Code is also known as the IEC number. The Directorate General of Foreign Trade (DGFT) issues 10-digit unique numbers known as import and export codes.
An IEC registration certificate is required for any business involved in import and export. So, before beginning an import of products into India, the importer must confirm that the importing entity has GST registration and an IE code, both of which are required to clear customs.
If an importer does not have an IEC license, the products will be delayed at the port.
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IEC assists you in introducing your company and products to the global market and growing your company. You can also sell your products through external channels.
Product growth leads to more revenue. Moreover, other organizations might profit from DGFT, customs, and other services through Import/Export License registration. On exports, the organization can also claim tax benefits.
The IEC does not mandate the registration of any profits.
When awarded, there is no need to follow any procedures to ensure its authenticity.
Except for fare exchanges, it is not necessary to register any gains with DGFT.
It is easy to get an IEC license from the DGFT within 10 to 15 days of application.
No need for renewal. The IEC code is effective for the life of a substance and requires no recharging. It might also be used as a material against all fare and import transactions.
IEC Code Registration requires the following documents:
step 1: A copy of the PAN card for an individual, firm, or company.
Step 2: A copy of the proprietor's voter ID, Aadhaar card, or passport.
Step 3: Provide proof of partnership, society, proprietorship firm, company, or HUF registration.
Step 4: Provide proof of business address, such as a sale contract, lease, rent agreement, or utility bills
Step 5: Cancel check copies for current bank accounts.
Step 5: Provide a self-addressed envelope for registered post-delivery of the IEC certificate.
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