Export import codes are important for importers at the time when shipments get cleared from customs and when funds are sent overseas. For exporters, it is essential when money is transferred to their bank accounts and when sending in their shipments.
With the passage of time, the number of businesses that want to break the barriers of local markets and venture into global markets is only increasing. However, carrying out a global business is not everyone's cup of tea. In case you are a business owner who wishes to take your business into international waters, there are certain laws that must be adhered to and certain procedures that must be followed. Licensing and registration must also be done to carry out importing and exporting.
Any business that wishes to commence its import or export business in India will require an Import Export Code (IEC). The Director General of Foreign Trade issues the Import Export Code, and it is essentially a 10-digit code that is valid for the lifetime of the business. Importers will not be allowed to import commodities if they do not have the Import Export Code, and exporters will not be able to claim export benefits from the Director General of Foreign Trade unless they have an Import Export Code.
The following are the situations in which importers and exporters will require the Import Export Code:
The following is the procedure to apply for Import Export Code:
The following are the documents you will require for Import Export Code Registration:
The following are the benefits of registering for Import Export Code:
The Government of India recently issued a circular according to which an Import Export Code is not compulsory for traders with GST (Goods and Services Tax) registration. If a trader is registered under GST, his/her PAN will be used as his/her new Import Export Code for import and export purposes. An Import Export Code will not be required if the goods that are being imported or exported are not done for commercial reasons, but for personal purposes. Imports or exports carried out by ministries and departments of the Indian Government, or notified charitable institutions, will not need an Import Export Code.
Business owners who wish to expand their businesses into global markets can register for Import Export Code and gain access to a larger audience.
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