An Import Export Code is a unique 10 digit code which is required by a business or a person to import/export goods and services. It is issued by the Director General of Foreign Trade, Ministry of Commerce and Industries, Government of India. It is valid for a lifetime. It is generated within 5 – 15 working days after the documents are submitted and corrections thereof made.
Need For Import Export Code
- In case of imports, it is needed by the custom authorities to clear shipments.
- It is needed by banks to transfer money in case of imports made.
- If an exporter has to send his shipments, it is needed by the custom authorities.
- When an exporter receives money on account of exports made, it is required by the bank.
Benefits Of Registration
- Expansion of Business: It helps you in taking your products and services to a global market.
- Avail many benefits: An exporter can get a refund of many taxes paid while exporting the goods. Government even waives some import duties if the importer promises to export the goods within a time frame.
- Lifetime Validity: This code is valid till the entity for which it is issued exists. There is no need to renew this code.
- Online Procedure: The registration can be easily done via the online mode, saving valuable time and money.
- No filing of Returns: There is no compliance requirement for IEC. It does not require filing of any returns.