IEC Registration is a permanent documentation which is valid for lifetime. You don’t have to go through any procedure of updating, filing and renewal of IEC as would be not needed.
once you obtain the IEC Code, there will be any necessity of annual maintenance fee. It does not require any maintenance fee in any financial year for filing or renewal of the code.
Import Export Code helps you in order to take your business to the international market. Not only that, it will increase your revenue as well as growth.
IEC Code offers great benefit for Import Export business. An IEC registered business entity would be qualified to avail benefits or subsidies declared by the Customs, Export Promotion Council and other several authorities. After filing Letter of Undertaking under GST, the exporters are not required to pay taxes to make exports. If the exports are made by payment of taxes, the exporter can claim refunds of the paid tax amount.
IEC helps you to get rid of any illegal transportation or fraudulent imports and exports. IEC registration is a centralized registration which helps the officials to supervise and manage the transaction in a better manner which is undertaken as a part of cross border business.
You don’t need to file any IEC Return once you are done with Import Export Code registration. After the allotment of Import Export License, further followup processes are not required.
An Importer Exporter Code (IEC) is a key business identification number which is mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC. For services exports however, IEC shall not be necessary except when the service provider is taking benefits under the Foreign Trade Policy. An individual or a business entity needs a 10 digit code to import or export products or services. This code is known as Import Export Code or IEC and it is issued by DGFT, Ministry of Commerce and Industries, Govt. of India.