Updated on April 29, 2023 03:12:24 PM
IEC or Import Export Code in Punjab is a unique ten-digit alphanumeric code that is mandatory for any type of commercial import and export in India. You cannot proceed with any foreign trade activities in Punjab without IEC code registration.IEC is issued by the Directorate General of Foreign Trade (DGFT) to facilitate foreign trade in India.
Any importer/Exporter in Punjab who fails to show the IEC code, Their goods will not be allowed to pass the ports and also result in incurring demurrage charges. In the worst case, their goods will be destroyed.
However, If an individual is importing or exporting goods for personal use and is not involved in any commercial trade are exempted from having an Import Export code as per the foreign trade policy.
IEC Certificate [Sample]
While IEC allows you to operate import export business in Punjab, It comes with some additional benefits. Let’s take a look at how obtaining an IEC code will help your import export business :
IEC code facilitates your overseas trade and legalizes your import and export business. It makes your trade across borders easy and legal
EFT is a new service offered to exporters that allows them to pay the license fee online via the internet rather than visiting a bank to make the payment.
Register your import and export business with Professional Utilities to get your IEC Certificate . You get the free consultations and quick service at lowest Price with us.
Apply for IEC code Now
Following documents are required for IEC registration in Punjab:
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. These are -
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 correct information.
Your IEC code will be issued after the approval by DGFT. In case of online application you will get e-IEC. Once approved by competent authority, you will be notified through email or SMS that your e-EIC is available on the DGFT website.
| IEC Registration Fees(₹) | |
|---|---|
| Aayaat Niryaat Form 2A | NIL |
| Filing at DGFT | NIL |
| Government Fees | 500 |
| Professional Fees | 999 |
| Total – ₹1,499 only | |
Unlike other government licenses, The Import Export Code was not required to be renewed and was valid for a lifetime. However, after the amendments in the Import Export code related provisions under chapter 1 and Chapter 2 of Foreign Trade Policy on 12th February 2021, the IEC code has now to be renewed each and every year.
This amendment made the renewal of Import Export Code details mandatory for every IEC and e-EIC mandatory on the DGFT portal each year. Even if there are no updates in IEC, the same has to be confirmed online. Failing to do so may result in the deactivation of your Import Export code.
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 :
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IEC stands for Import Export Code. It is a unique ten-digit number that is mandatory for every import/Export business in India.
The Directorate General of Foreign Trade(DGFT) issues the IEC code. DGFT is a government body responsible for formulating and implementing foreign trade policy.
Yes, the Import-Export code is mandatory for any type of commercial import or export in India. However, if you are exporting/importing goods for personal use, then it is not required.
Following documents are required for Import Export code registration
One year Earlier, the Import-Export code came with lifetime validity, but according to the new norms of Foreign Trade, Now It is mandatory for every IEC code holder to update their IEC every year. During April- June period.
Even if there are no changes, the same has to be confirmed online, or else the IEC code will be deactivated.
No, there is no need to file a return for the IEC code. You need it while importing/Exporting goods. There are no after-registration compliances attached with IE code registration.
IEC is not a tax registration. However, certain customs duties may be levied depending on the type of product to be imported or exported.
IEC code is not required in the following cases
At professional utilities, we take 5-15 working days for the whole process.
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