Since discussion about business can’t be completed without mentioning the profit and the loss. Our focus is to provide legal benefit to your business, so we would be taking the profit portion forward. The government has made trade facilitation a priority in order to minimize transaction costs and time, making Indian exports more competitive. For the benefit of import and export trade, the various provisions of the Foreign Trade Policy and steps taken by the government in the direction of trade facilitation are consolidated.
Want to know how IEC could be useful for your business? Let’s have a look how IEC can help you as an exporter or importer:
The government offers benefits such as export subsidies and excise tax concessions in case of import. If the import is completed within the specified time period, some tax relief might be available. In the case of exports, the government offers a subsidy on all the exports taxes. These advantages are only available to those who are enrolled with the IEC.
Before proceeding to the process of Registration lets have information regarding the documents needed to get Import Export Code License Online in India.The nature of the firm obtaining an IEC may be any of the follows- "Proprietorship, Partnership, LLP, Pvt & Public Limited Company, Trust, HUF and Society."
The documents that would be required are as follows:
|IEC Registration Fees|
|Aayaat Niryaat Form no. 2A||NIL|
|Filing at DGFT||NIL|
|Professional Fees||Rs. 999|
|Govt. Fees||Rs. 500|
|Rs. 1,499 Only/-|
You can get an Import Export License online as well as offline. For applying online one must be aware of the process of obtaining IEC code. The overall process is breakdowned into five major steps. Let’s know about them in detail:
The very first step for obtaining an Import Export License online is the registration part. One can register online through the government portal of DGFT.
The very next step after registration is the applying phase. All the documents are arranged and prepared for application. You may already know about all the documents required for an IEC application online as we have discussed earlier.
The next step combines the form filling along with the documents uploading.The “ANF2A” (Aayat Niryat Form 2A) is required to fill along with all the necessary documents attached.
After submission of your application form, it is sent to the DGFT for verification of the documents. Your application may get approved or rejected based on the documents you have uploaded. So one must be very careful regarding the documents they need to upload.
This is the final step of obtaining your Import Export Code. Once your IEC application is approved by DGFT, your Import Export Code would be issued to you. In case of online application you will get e-IEC, once approved by competent authority. You will be informed through email that your e-IEC is available on DGFT website.
Unlike other government licenses, the Import Export Code earlier was not needed to renew on a regular basis. However, after the amendments in Import Export Code related provisions under Chapter 1 and 2 of Foreign Trade Policy on 12th February, 2021 Import Export Code now has to be renewed each and every year. This amendment made the update of IEC code details mandatory for all IEC or e-IEC holders on DGFT portal each year. Even if there are no updates in IEC, the same has to be confirmed online
The complications in understanding the process and providing appropriate documents are very much hectic. The chances of application rejection are very much high at each and every step of documents uploading. There are different formats of Digital Signature Certificate that one must upload depending on their criteria. Help from the experts are advised to ease the process of IEC application. You can apply for IEC with just three simple steps with us.
Step 1: Fill our simple form and receive a callback from our team of experts
Step 2: Provide all the required documents for registration of the company and make 50% payment in advance.
Step 3: Your incorporation certificate including other documents will be delivered to you and you’ll have to make the balance payment.
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