Import Export Code

Import Export Code

What is a Import Export Code?

IEC or Import-Export Code is required for businesses who intend to either import any raw material or capital goods from outside the territory or India or who wishes to export their finished goods out of India. In Case of Service Providers, IEC is mandatory only if it wishes to avail the benefits under foreign trade policy.

Earlier the IEC no. used to be a Numerical Code. But after the Implementation of GST Act in India, IEC no. is same as the PAN of the Firm. Although Import-Export Code Certificate is still separately issued by DGFT which comes with lifetime validity unless surrendered or revoked. IEC doesn’t have any monthly or annually filing requirements with the department unlike GST and other acts.
IEC is Required:-
- To Import Goods into India and make payments against imported goods i.e. Outward Remittances to foreign vendors)
- To Export Goods outside the territory of India and receive payments from customers i.e. Inward Remittances from foreign Customers)
- To avails various govt benefits like Export Refunds and benefits under EPCG Scheme etc.
Documents Required:-
Basic documents like PAN Card, Aadhar Card, Photo of the Owner, Proof of office/business address i.e. Rent Agreement or Electricity Bill and a brief intro about the nature of business.