Benefits and Procedure of IEC Code

Mybiz 27-04-2021 00:29:41

Benefits of IEC Registration

1. IEC assists you in expanding your business by bringing your services or products to a global market.

2. Companies could use their IEC registration to get a variety of benefits for their imports and exports from the DGFT, Export Promotion Council, Customs, and so on.

3. The IEC does not require any returns to be filed. After it has been assigned, there is no need to follow any procedures to keep it legitimate. For export transactions, there is no requirement to file any returns with the DGFT.

4. It’s relatively simple to get an IEC code from the DGFT within 10 to 15 days of submitting an application. It is not necessary to have evidence of any export or import in order to obtain an IEC code.

5. IEC codes are valid for the life of an individual and do not need to be renewed. Individuals who receive it will use it for both export and import transactions.

Procedure of IEC Code Registration

Let’s look at the registration procedure:

Step 1: Go to the DGFT website.

Step 2: Then, you have to register yourself

Step 3: Login with your login credentials and then click on new application

Step 4: The application form will then appear.

Step 5: Then you have to fill your details:

Firstly, Basic Details- Firm Name>Nature of concern/Firm>Category of Exporters>Nature of concern/Firm(If others)> Category of Exporters(If others)> PAN>Name as per PAN database>Date of Birth / Incorporation>CIN>GSTN>Whether the firm is located in Special Economic Zone (SEZ)> Contact Number>Email Id>Whether the firm is located in Export Oriented Unit (EOU) Scheme, Electronic Hardware Technology Park (EHTP) Scheme, Software Technology Park (STP) Scheme or Bio-Technology Park (BTP) scheme)

Second, Firm Address Details- Address >City>District>State>Pincode>DGFT Office
Third, Branch Details- Branch Code>Is it SEZ?> Is it EOU?> Is Active Branch?> GSTN>Address>City>District> State>Pincode
Fourth, Details of Proprietor/Partner/Director/Karta/Managing Trustee- DIN> Is it Foreign Director> Passport Number> Name as per PAN database> PAN> Date of Birth as per PAN> Title> Name> Father Name> Address> City>District>State>Pincode> Mobile No 

Fifth, Bank Information- Account Number> Account Holder Name> IFS Code> Bank Name> Branch Address> Is Primary?> PFMS Status

Sixth, Other Details- Import Goods> Export Goods and give Declaration Details

Now go on the last step, click on fee payment, then payment portal will be open and you have to pay amount government fee of IEC application.

For print IEC Certificate

Go to the service tab, then click on IEC Profile Management and then click on Print IEC