IEC(Import Export Code) is known as many names such as importer exporter code, import export code, import export license, import export number, IE code, IEC license, IE license etc. In simple terms, IE CODE NO. is a 10 digit code which is provided by DGFT required for import export transactions. You can take IE code in your personal name or company name.
1. What is Time Taken to acquire Import Export Code?
After submitting all the requisite documents IEC is typically allotted by DGFT in 5-10 days. It is not necessary to show proof of any import or export to obtain IE Code. Now a days, as IEC can we partially applied online with the help of digital signature, IEC can be obtained in less than a week.
3. Whether IEC Code Mandatory for import and Export of Goods ?
Import Export Code (IEC) is compulsory for all imports and exports of goods and services in India. However, certain categories of importers are exempted from obtaining IEC..
5. Are any Returns Required to be filed under Import Export Code Updates Mandatory?
IEC is only a license permitting the import and export of goods. Therefore, no return is required to be filed under IEC code..
2. What are the advantage of Import Export Code?
1. It opens up International Market for those who are trading in the domestic market.
4. is there any Tax Levied on import Export Code?
No, tax is not levied on Import Export Code. However, custom duty maybe levied. Custom duty depends to the category of the products imported or exported. This can be found at the custom departments’ website..
6.How do i modify my IEC license?
If you or a company wants to modify any details in IEC license, then you can do it online in your IEC application. IEC modification required resubmitting the application with the DGFT once again with all the required documents. Also, IEC modification fee needs to be submitted with the department..