Get Import Export IE Code in Chennai
We FIRMDESK helps you get an import export ie code in Chennai for your export or import business initiative. Import Export Code (IEC) is a mandatory business identification number required for exporting or importing goods and services in India. Issued by the Directorate General of Foreign Trade (DGFT), the IEC is valid for a lifetime and does not require renewal.
Key Features of IEC
Mandatory for Imports and Exports:
Imports: Businesses cannot import goods or services without IEC.
Exports: IEC is required to export goods and services to claim benefits under export promotion schemes.
Lifetime Validity: Once issued, it remains valid as long as the business is operational.
Digital Process: The application and issuance process is fully online through the DGFT portal.
One-Time Registration: No need for renewal unless there are updates in details.
Eligibility
- Any individual, partnership, LLP, or company can apply.
- PAN (Permanent Account Number) of the entity or individual is mandatory.
- Business should not be involved in prohibited activities.
Documents Required
- PAN Card of the individual or entity.
- Identity Proof (Aadhaar, Passport, Voter ID) of the applicant.
- Address Proof of the business premises (utility bills, rent agreement, etc.).
- Bank Certificate or a cancelled cheque of the business account.
- Email ID and Mobile Number of the applicant.
Post-Registration Compliance
Update Changes: Update details like address or ownership in the DGFT portal as needed.
No Periodic Filing: IEC does not require periodic returns, but it’s linked to GST and customs filings.
Renewal Not Required: Ensure the details remain accurate for uninterrupted operations.
Exemptions
IEC is not required for:
Goods imported/exported for personal use and not connected with trade or manufacturing.
Entities operating under specific exemptions, like government departments.
Getting an Import Export Code (IEC) offers numerous benefits
For businesses engaged in international trade. Here are the key advantages:
Legal Authorization for Imports and Exports
Mandatory Requirement: IEC is essential to legally import or export goods and services from India. Without it, customs clearance for international trade is not possible.
Regulatory Compliance: It ensures compliance with Indian trade regulations, avoiding legal penalties.
Access to Global Markets
Business Expansion: IEC enables businesses to expand beyond domestic markets and enter the global marketplace.
Increased Revenue: Exporting products or services allows businesses to earn foreign exchange and increase profitability.
Avail Government Benefits and Schemes
Export Promotion Schemes: Businesses with IEC can avail benefits like duty exemptions under schemes such as MEIS (Merchandise Exports from India Scheme) and SEIS (Service Exports from India Scheme).
GST Refunds: Exporters with IEC are eligible for GST refunds and other incentives.
Facilitates Bank Transactions
IEC is required to process international payments and receipts for export or import transactions.
Enables businesses to open current accounts specifically for international trade.
No Renewal or Compliance Burden
Lifetime Validity: IEC is issued for life, with no need for renewal, reducing administrative overhead.
No Periodic Filings: There are no periodic compliance filings specific to IEC, making it hassle-free.
Enhances Business Credibility
Global Identity: An IEC boosts your business’s credibility with international clients, suppliers, and financial institutions.
Professional Image: Being registered under IEC shows that the business adheres to proper trade practices.
Facilitates Online Trade
IEC is required to conduct cross-border e-commerce, enabling businesses to sell on platforms like Amazon Global, Alibaba, etc.
Encourages Business Diversification
Businesses can diversify their operations by entering the export market or sourcing high-quality international goods.
Improves Competitive Advantage
Participating in international trade enhances your competitive positioning in the market.
Simplifies Customs Clearance
IEC is linked to customs systems, streamlining the clearance process for imports and exports.
By obtaining an IEC, businesses not only comply with legal requirements but also unlock opportunities to grow and compete on a global scale.
IE Code Registraton Cost
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