What is import and export code? IEC
Thinking of starting an import-export business in India? And came across the word IEC (Import Export Code)? Pondering upon what exactly IEC is?
Worry not, here is an article explaining everything about IEC.
So basically, let us first understand what exactly IEC is! IEC (Import Export Code) is a pre-requisite of Government of India to start a business of import and export in India. A special department oversees the process of foreign trade in India. It is the Directorate General of Foreign Trade. (DGFT)
DGFT issues the IEC code upon uploading the required documents and on payment of relevant fees. Your IEC code is nothing but your PAN (Permanent Account Number). So it is of utter importance that applicant applying for IEC must have a PAN.
Often there is a misconception that one who has PAN, need not apply for IEC. Well that’s not the truth, you do have to apply for PAN.
The documents required differ from applicant to applicant based on whom the applicant is. Applicants can be Individuals, Proprietors, Company, Partnership Firm etc.
The documents required for issue of IEC code are enumerated as follows:
1. PAN card of the individual/organization
2. Address Proof
3. Cancelled Cheque
4. Passport Size photo of the applicant
There are eight various categories under which you can get IEC for varied purposes for e.g.: If you register under Merchant cum Manufacturer (advisable to register under this category), you can trade as well as manufacture as well as provide services under this category w.r.t export and import of goods and services.
It is possible to modify the once received IEC? The process of IEC modification is strenuous and complicated and takes time than usual.
Once the required documents are uploaded and the information is filled in online, one receives his IEC certificate in the stipulated period. This period differs from state to state.
So, hope you got what you are looking for. Please don’t forget to like this post and please comment down your suggestions or queries, if any.
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