Phoenix Auditing

Import Export Code

  1. What is Import Export Code?
  2. When is IEC required?
  3. What are the steps involved in IEC Registration?
  4. What are the Mandatory documents to be uploaded for new IEC?
  5. Is digital signature required?
  6. What are the Benefits of IEC Registration?
  1. What is Import ExportCode?

IEC registration is required by a person for exporting or importing goods. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT). All businesses which are engaged in Import and Export of goods require registering Import Export Code.

2.When is IEC required?

Import: When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.

Foreign payments: When an importer sends money abroad through banks then it’s needed by the bank.

Export: When an exporter has to send his shipments then its needed by the customs port.

Foreign Receipts: When an exporter receives money in foreign currency directly into his bank account then its required by the bank.

3.What are the steps involved in IEC Registration?

Step 01: Go to dgft website

Step 02: Apply for New IEC

Step 03: Verify PAN, mobile & Email id

Step 04: Fill Application Form

Step 05: Make payment of fee

Step 06: Attach requisite documents

Step 07: Submit Application

4.What are the Mandatory documents to be uploaded for new IEC?

  • PAN of firm, directors, applicant
  • Bank Certificate/ pre-printed cancelled cheque
  • Address proof of the firm
  • No objection Certificate from owner (if premises is rented)

5.Is digital signature required?

No, the new procedure doesn’t require digital signature of the applicant.

6.What are the Benefits of IEC Registration?

  • No filing of return with dgft
  • No need for renewal. Life time validity
  • Easy processing
  • Avail several government benefits