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The Import Export Code also known as IEC certificate. It is issued by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India. It is mandatory to all Import & Export business entities. Import Export means is nothing but the purchases and sales of goods or services with countries which are not in territory of India.It is not possible to deal with export or import businesses without this code.
Previously, Import Export Code has 10-digit numbers which was given by the DGFT Department, but now they have changed the process and started allotting a PAN number of entities as IEC number. IEC code is valid for life time. Once you get IEC code you don’t require to file any return or to update it. For IEC number PAN Card is mandatorily, so that in case of entity which is having PAN Card they should use that PAN Card only, and for the proprietorship firm, individual PAN Card is enough.
developing financial processes and procedures
In many Government offices IEC Certificate is considered as an entity proof. It is mandatory to have IEC number to entity who is doing the business of Import & Export.
Now a days to do business only within territory of India is not enough, to expand our business Import and Export is the very best option and now a day’s expansion is in trend.
Government is giving the personal attention on Export Business because it improve country's economy, the person who is having IEC and membership of Export council can get the benefit of Incentive Schemes, under which Exporters can get refund of approx. 5% of Invoice Value.
Ans: It’s a simple single person firm. Remember it’s not a company, it’s a best way to start a business in India with the less costing and less compliance. its need only just one person for the legal registration.
Ans: The advantages are as follows:
• less costing
• less compliances
• less income tax etc
In IEC registration, firstly we collect all the necessary information and documents for the registration. Documents should be self attested.
After receiving all the necessary documents, we prepare the required papers like Form ANF 2A, we do online application on DGFT Site, and submit application by paying government fees
After applying for IEC, officer will verify all given information with attached documents, if they get satisfied with the provided information then they issue IEC certificate. If they have any query, then the application must be resubmitted. This process usually takes 2-3 days..
TruFilings can easily register IEC (Import Export Code) within 5-7 working days