All about Limited import export code Registration
Import Export Code (IMPORT EXPORT CODE) is required by every person for executing any transaction out of India. Without Import export code we cannot do any transaction from foreign country. By forwarding any sale to foreign country some benefits received in GST and other laws.
In India Directorate General of Foreign Trade (DGFT) issue IMPORT EXPORT CODE registration to business entity. After submitting all documents to department it will take 3 working days for certificate. As per Directorate General of Foreign Trade (DGFT) you need to update your import export code every year
Understanding of IMPORT EXPORT CODE registration
- Required by Importer
Every importer needs IMPORT EXPORT CERTIFICATE or any import from other country. There is no minimum limit for any importer to get IMPORT EXPORT CODE. We need IMPORT EXPORT CODE from first export. It is important for custom department and banking transaction.
- No Monthly Returns
IMPORT EXPORT CODE does not require any monthly or annual return filing. Obtaining IMPORT EXPORT CODE is one time process, after that there is no other requirement from department.
- Lifetime Validity
No renewal is required in IMPORT EXPORT CODE; there is only one time registration process. Once IMPORT EXPORT CODE received then it can be used for all import export. However you need to update your import export code every year
- Required be Exporter
Every exporter need IMPORT EXPORT CODE for any export to other country. There is no minimum limit for any exporter to get IMPORT EXPORT CODE. We need IMPORT EXPORT CODE from first export. It is impotent for custom department and banking transaction.
- PAN Based
IMPORT EXPORT CODE registration is PAN based registration, which means every partnership, company and proprietor will have separate IMPORT EXPORT CODE code.
Contact us
Documents Required for iec registration
1. Pan Card & picture
Individual PAN card & picture is required for registration. In proprietorship no separate PAN card will applied.
2. Aadhaar Card
For proprietorship registration we need Adhaar card of individual ( Some time Voter ID may work ) for address of individual.
3. Saving Bank Details
Bank account details is required for registration. We need Passbook first page and latest statement. Also provide us Bank account number, IFSC code and Branch name
4. Business address proof
For business address proof we need Electricity bill, rent agreement or any other government utility bill
Reasons for import export code (IEC) registration
1. TAXATION BENEFITS
If you are having IEC code then you can exports and goods without payment of taxes.
2. DUTY DRAWBACK
If you already paid taxes in the form GST on export of goods and services then you can claim duty drawback (i.e. the taxes you paid on taxes)
3. Manditory requirement
In India its a mandatory requirement that you cant export and import of goods/ services until you don't have IEC code.
4. No annual return required
IEC holder doesn't required any monthly or annual return however you have to verify your IEC code every year.
6. International reachabililty
Dur to IEC you can sell anywhere in the world by having IEC, you can export your goods/ services to any country.
REGISTRATION PROCESS of iec
Step-1
Expert call
Our executive will call you to understand your business and requiremnets
Step-2
documents collection
Our executive will collect all the documents required for IEC code
Step-3
Documents submission
After collecting all the documents our executive will filled the application
Step-4
Certificate
This is the last step you will your certificate with in 2-3 days after submission of documents.
How Ovakil help with IMPORT EXPORT CODE/Registration?
Ovakil helps you for registering Import export code , it usually take 2-3 days for all process.
1. IMPORT EXPORT REGISTRATION
OVAKIL HELPS YOU TO GET NEW IMPORT EXPORT CODE CERTIFICATE
2. REQUIRED DOCUMENTS
OVAKIL HELPS YOU TO CREATE ALL NECESSARY DOCUMENTS FOR IEC CERTIFICATION
3. EXPERT ADVICE
OVAKIL PROVIDE YOU EXPERT ADVICE FROM EXPERIENCED PROFESSIONALS
FAQs
It will take 2 working days for all process after full documents submission to department.
NO, THERE IS NO NEED OF PHYSICAL VERIFICATION REQUIRED FOR IMPORT EXPORT CODE CERTIFICATE, ONLY DOCUMENT VERIFICATION IS SUFFICIENT BEFORE GRANTING CERTIFICATE
YES, WEATHER YOU ARE MANUFACTURER OR SERVICE SECTOR YOU CANNOT EXPORT YOUR GOODS AND SERVICE BEFORE GETTING IMPORT EXPORT CODE CERTIFICATE
THERE IS NO REQUIREMENT OF RENEWAL OR ANY COMPLIANCE FOR IMPORT EXPORT CODE CERTIFICATE; HOWEVER YOU NEED TO UPDATE IMPORT EXPORT CODE EVERY YEAR.
Latest from the blog
Check In Which Class Your Trademark Is To Be Registered
Trademark registration that works to protects your business reputation and goodwill around the world. With the trademark; one can easily make his or her business
Some Reasons For Trademark Objections
Once a Trademark application is filed, a trademark examiner scrutinizes the application. This is done to make sure the application isn’t at odds with any trademark
Rules for Authorized Share Capital for Company Registration
Authorized Share Capital more commonly known as authorized capital is basically the maximum amount of share capital that a company can issue to shareholders. This amount
Transaction In Cash Above Rs 3 Lakhs Is Prohibited In India
From this budget a new Section 269ST is proposed to prohibit the receipts of cash in excess of Rs 3,00,000 from a person in a
Pre-Assessment Notice To Wrong Address of Assessee Will Not Render A Valid Notice
In CIT v. Abacus Distribution Systems (India) Pvt. Ltd, the Bombay High Court held that the issue of a notice under section 143(2) of the Income
Nidhi Company Registration process and list of documents required
Nidhi Company registration process isn’t extremely tough and not take much time to entire procedure. To continue with the idea of company, we like to give
PACKAGES
sILVER
all inclusive fees-
IMPORT EXPORT CODE
-
1 DSC IF REQUIRED
-
EXPERT ADVICE
-
MSME REGISTRATION
-
GST REGISTRATION
GOLD
all inclusive fees-
IMPORT EXPORT CODE
-
1 DSC IF REQUIRED
-
MSME REGISTRATION
-
EXPERT ADVICE
-
GST REGISTRATION
Platinum
all inclusive fees-
IMPORT EXPORT CODE
-
1 DSC IF REQUIRED
-
MSME REGISTRATION
-
MSME REGISTRATION
-
GST REGISTRATION
All over india services provider
Why to choose ovakil?
Faster services
We provide faster services, we had a team of professional who provide services to you 7 days a week.
free cousultancy
Our Team is just one call away to provide solutions to your all tax querries at free of cost.
team of CA, CS & LLB
We had a huge team of experienced Professionals CA,CS, LLB and Tech experts.
Lowest price
We provide our services to our costumers at lowest price in INDIA
We are Very Glad to Know Our Client Reviews
