IE Code Registration
Importer exporter code is a six digit number given to the businesses which grants them permission to import or export their products. The number which is also called IE identification number is issued by Directorate General of Foreign Trade(DGFT) under the Ministry of Commerce and Industry. Once you apply for the application, the license can be obtained within 10 to 15 days from the DGFT.
Why Should You Acquire IE CODE
To obtain IE code, you need to pay a registration fee. IE registration gives your business global reachability with consistent buyers. IE code is a one time registration which is eligible for a lifetime and does not even require any kind of maintenance. The acquisition of IE code also permits your business to avail subsidies and dismisses from paying export taxes. Any kind of IEC modification is possible only online.
When you need IEC
For the importers or exporters, IEC is required in the following circumstances such as in case of custom checking for the shipments from outside the country, in case of sending the money to a foreign country the bank ask for IEC, in case of the exporter receives foreign currency into his bank account and for an exporter to send the products.
Not every business registered under the GST requires an Import Export License, only the PAN ID of the trader is enough for foreign trade. In case the products are exported or imported for one’s personal use, IEC is not needed at all.
