What is IEC
An Importer -Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted. For services exports however, IEC shall be not be necessary except when the service provider is taking benefits under the Foreign Trade Policy.
Consequent upon introduction of GST, IEC being issued is the same as the PAN of the firm. However, the IEC will still be separately issued by DGFT based on an application. The nature of the firm obtaining an IEC may be any of the follows- Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, Society.
What is an Import Export Code certificate in India?
An Import Export Code Certificate (IEC) is a document that proves that the goods being imported into India meet certain requirements. These requirements can include safety standards, taxes, and other regulations. The IEC is important because it allows customs officials to speed up importing goods into India. It also ensures that the goods imported into India are high quality and meet all necessary regulations. If you are importing goods into India, you need an IEC.
How to Apply for an IEC
To apply for an IEC, you must submit some documents to the relevant authority. These documents include:
- A copy of your company registration
- A copy of your business address
- A copy of your founding document or memorandum of association
- An application fee
Once you have gathered all the required documents, you can apply for the IEC through the relevant website. The application process is simple and takes only a few minutes or days to complete. Once you have received your IEC, you can begin importing and exporting products without problems.
Who can use it in India?
- Import Export Code Certificate is an important document that allows importers and exporters to do business in India.
- Anyone who wants to import or export goods into or out of India must have an import export code certificate.
- The import export code certificate is also known as an authorisation letter.
- The Indian authorities issued this letter. It confirms that the person importing or exporting the goods has been authorised by the Indian government.
- Individuals, businesses, and organisations can use the import-export code certificate. It is especially useful for companies that want to import or export large quantities of goods.
- Once you have received your certificate, you can start importing or exporting goods without problems.
Why Should You Get One in India?
The import and Export Code Certificate (IEC) is an important document proving that the goods you are exporting comply with Indian regulations. Getting this document if you are exporting any goods to India is important. It will ensure that your products are safe and meet all the requirements. There are a few reasons why you should get an IEC in India. First, an IEC can help avoid customs issues when exporting your products to India. It will also prove that the goods you are exporting are not stolen or counterfeit, which can reduce the risk of penalties or fines.
Finally, an IEC can help to protect your business against possible litigation from buyers in India. If they believe that your product is unsafe or not compliant with their standards, an IEC can help to protect you from legal action. If you plan to export any products to India, it is important to get an IEC. It will ensure that your products are safe and compliant with Indian regulations.
Confusing words that go with the code certificate in India
The coding certificate is made up of several confusing words that go with it.
For example, the word ‘import’ is defined in the code as follows: ‘Import means the bringing into India of goods by any person, other than an ex-patriate, in contravention of any law or regulation.’ So, suppose you’re looking to import something into India, even those that aren’t generally allowed by law. In that case, you’ll need to obtain a code certificate. And, to export something out of India, you’ll need a code certificate too.