Import Export Code (IEC) Registration

Import Export Code (IEC) Registration

With the increasing globalization of businesses, many companies are expanding beyond local markets to tap into international trade. To facilitate these international transactions, businesses need the Import Export Code (IEC). This 10-digit unique code is issued by the Directorate General of Foreign Trade (DGFT) to enable companies to engage in import and export activities.

IEC registration is a simple, one-time process, providing lifetime validity. The process for obtaining an IEC is now fully online, making it easier and quicker for businesses to register and start their international trade journey.

GST Registration is also crucial for businesses involved in the import and export sector. With the implementation of Goods and Service Tax (GST), which replaces various indirect taxes like excise duty, VAT, and others, businesses benefit from a uniform tax system that applies nationwide. The GST registration process is entirely online and does not require physical paperwork.

For businesses with an annual turnover of up to Rs 40 lakhs, GST registration is optional, while businesses exceeding this turnover are required to register. In the case of services, the exemption limit is Rs 20 lakhs, with service providers having turnovers up to Rs 50 lakhs eligible for the composition scheme.

Documents Required for GST Registration

• PAN Card

• Address Proof

• Cancelled Cheque

• PAN card of Director or Partner

• Certificate of Registration

Benefits of Importer Exporter Code

Benefits of Importer Exporter Code (IEC) are numerous for businesses involved in international trade. From simplified application processes to global market access, IEC offers various advantages for smooth and efficient trading.