Updated on April 29, 2023 02:00:05 PM
An Importer Exporter Code or IEC code in Panipat is a unique 10-digit code required for importing and exporting goods in India. It is mandatory to show the IEC code while clearing customs or making foreign transactions. It is issued by the Directorate General of Foreign Trade(DGFT) to ease foreign trade in India.
When you are just starting out in an import-export business in Panipat, you don’t want your goods to get stuck at ports by missing any important documentary or border compliance. An IEC code is one of the mandatory documents for doing any import-export-related activities.
IEC Certificate [Sample]
IEC code is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) to ease foreign trade in India.
Import Export Code registration is mandatory for every import-export business. You are not allowed to import or export goods in Panipat without IEC code registration
Since the Implementation of GST, IEC being issued is the same as the PAN of the firm. Other Names of this code include - Import Export Code, Importer Exporter Code, Import Export Number, IEC code, IEC license, and Exim license.
Following documents are required for IEC code registration in Panipat :
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Any Proprietorship firm, LLP, Company, Trust, LUF or Individual engaged in any of the following foreign trade activities is eligible for obtaining an IEC Code :
You can register for the Importer Exporter code offline as well as online. The online registration process is effortless, and you don’t need to go anywhere. The process is carried out in 5 steps :
The Directorate General of Foreign Trade(DGFT) is an online government portal where you can register for an import-export license. Your first step is to register on this portal.
The second step is the application phase, where all your documents are arranged and prepared for application. Refer to the documents required for better understanding.
An importer/exporter is required to file an online application in ANF 2A(i) and submit the required documents for verification. You also need to pay the government fees to complete the application process.
Once your application is submitted, it is sent to DGFT for verification. In case there is wrong or incomplete information, Your license will be canceled. So, make sure you provide the correct information.
Your IEC code will be issued after the approval by DGFT. In the case of the online application, you will get an e-IEC. Once approved by the competent authority, you will be notified through email or SMS that your e-EIC is available on the DGFT website.
|IEC Registration cost(₹) in Panipat :|
|Aayaat Niryaat Form 2A||NIL|
|Filing at DGFT||NIL|
|Total Price : ₹1,499 only|
While an IEC code allows you to operate an import-export business in Panipat, It comes with some additional benefits. Let’s take a look at how obtaining an IEC code will help your import export business :
1. Legalize Overseas Trade - The IEC code facilitates overseas trade and legalizes your import and export business. It makes your trade across borders easy and legal.
2. Global Business Expansion - Import-export code allows your product to reach the global market, which results in huge business expansion.
3. No Compliances - Unlike other licences, Import Export License doesn’t require any compliances like annual filing or return filings.
4. Import/Export Subsidies - An exporter can claim a refund on taxes imposed while exporting goods. IEC holders also avail several benefits under the Foreign Trade Policy.
5. Easy Registration Process - You can get an import/export code registered by providing some basic documents like a PAN card, Address proof, Bank details, etc. You don’t need to stay in the queue as the entire registration process is online.
The Validity of an IEC code is 1 year. Unlike other government licenses, The Import Export Code was valid for a lifetime. However, after the amendments in Foreign Trade Policy on 12th February 2021, the import-export code has now to be renewed every year.
This amendment made the update of Import Export Code details mandatory for every IEC and e-EIC holder. Even if there are no updates in IEC, the same has to be confirmed online on the DGFT portal. Failing to do so may result in the deactivation of your Import Export code.
It takes a lot of time and effort to understand the process and upload the right documents. There is a high chance of rejection of the application at each step of document uploading. There are different classes of Digital Signature certificates (DSC) that must be uploaded.
We at Professional Utilities understand completely. That’s why we come forward to help you avoid the hassle and get your Import Export Code registered at the minimum price guaranteed so that you can concentrate on running your business and leave the legal formalities to us.
You can apply for the IEC certificate in just three simple steps with us :
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Yes, Any individual proprietor who is willing to start international trade is eligible for obtaining the Import/Export Code.
At professional Utilities, It takes less than 3 days for the complete procedure of obtaining an IEC code.
No, You can not do any import/export without the IEC code. Your goods will not be allowed to pass the ports without an IEC code. However, if you are importing or exporting goods for personal use then it is not mandatory.
You can update the Import Export Code by following these steps :
Documents required for Import Export Code registration in Panipat are as follows :
To become a registered exporter, you need to get an IEC registration. Once you obtain the I importer Exporter code, you are allowed to export goods from India. The code is also valid for importing goods in India.