Importer Exporter Code (IEC) is a 10-digit key business Identification number issued by the Director General of Foreign Trade (DGFT) which is mandatory for exports or imports. No export or import shall be made by any person without obtaining an IEC unless specifically exempted.
IEC forms the primary document for recognition by the Government of India as an exporter/importer. On the basis of IEC, businesses can obtain various benefits on their exports/imports from the DGFT, customs, Export Promotion Council, etc.
Access to government schemes and incentives: The Government offers a number of schemes and incentives to businesses that are registered with the DGFT. These schemes can provide financial assistance, tax breaks and other benefits.
Ability to import and export goods: An IEC registration is required for all businesses that want to import or export goods. Without an IEC registration, you will not be able to clear your goods through customs.
Increased credibility: An IEC registration shows that your business is legitimate and that you are compliant with government regulations. This can help you to gain the trust of your customers, suppliers, financial and banking partners.
Ease of doing business: The IEC registration process is relatively simple and straightforward. Once you have registered, you will be able to import and export goods with ease.
Opportunities for growth: An IEC registration can open up new opportunities for your business. You will be able to access new markets and suppliers and you will be able to grow your business into a global enterprise.
Additional benefits of obtaining IEC code for businesses:
The IEC code is required to be mentioned in all export documents, including the following:
Keep in mind that you need to maintain accuracy and consistency when you are using the IEC (Importer Exporter Code) on your export documents. Any type of errors or discrepancies can lead to delays in customs clearance or other trade-related issues.
IEC may be applied on behalf of a firm which may be a proprietorship, partnership, limited liability partnership, limited company, trust, Hindu undivided family or society. Firm must have a PAN, bank account in the name of the firm and a valid address before applying. Address may be physically verified by the DGFT on issuance of the IEC. Please keep your PAN, bank details and firm details ready before applying.
The following are the types of persons who will mandatorily need an IEC:
Set out below are the documents which are necessary to obtain an IEC:
For more information on the required documents, please visit https://www.dgft.gov.in
Below is systematic process for applying for an IEC:
A) First you need to register on the DGFT site by following the below-mentioned steps:
B) After you have successfully registered, you can proceed with applying for the Importer Exporter Code (IEC).
Visit the DGFT website and login into the portal with valid credentials.
After login, click on “Apply for IEC” on the Dashboard
Click on “Start Fresh Application” button or click on “Proceed with Existing Application” button in case you have already saved a draft application.
Enter the details in the General Information Section. All mandatory fields have been marked with a red asterisk (*). The draft will only be saved if mandatory details in the “Basic Details” section and “Firm Address Details” section have been added completely.
Enter the details in the “Details of Proprietor/Partner/Director/Karta/
Managing| Trustee“ section.
Enter the details in the “Bank Account Details” section
Enter the details in the “Other Details (Exports Sectors preferred)” section. Select the reason and answer the question “Why you are applying for IEC or where this IEC will be utilized”
Read and accept the Declaration. Under the Declaration, accept the terms and conditions by clicking on the check box and enter the place where you are making the application from.
Check the Application Summary and click on “Sign” button to sign the application using a digital token or Aadhaar.
Confirm and proceed to make the payment against the application. For payment, you will be redirected to a payment gateway (Bharatkosh). The application fee is Rs.500. After successful payment, the page will be redirected to the DGFT website and the receipt will be displayed. You can also download the receipt. In case of failure of payment, please wait for an hour to reflect the payment from the payment gateway.
It is mandatory to ensure that your Importer Exporter Code (IEC) is updated or stays active. Non-updation can lead to various setbacks such as:
Therefore, please keep your IEC details up-to-date on the DGFT portal.
For more accurate and updated information, please consult a professional on foreign trade compliance. E.g. Vakilsearch (https://form.typeform.com/to/yDESgdbK) provides professional foreign trade and regulatory advice.* You can also visit: https://www.dgft.gov.in/CP/ and complete the registration process.
Processing time and fees for international trade documents
Set out below are Vakilsearch’s fees and timelines for assisting you in obtaining the following international trade documents:
*Disclaimer: eBay provides a marketplace platform that enables eBay users to offer, sell and/or buy products. Please note that the vendor(s) listed above is an independent service provider(s) and engaged by eBay to provide sellers assistance to procure their IEC, PAN and GSTIN numbers. While the above service provider(s) may provide its advice or guidance, such advice or guidance is solely informational and you may decide to follow it or not. eBay has no control over the above service provider(s) and does not guarantee that the above service provider(s) will enable sellers to sell items. You shall not hold eBay or its affiliates, or it or their directors, employees, officers and representatives, liable for use of the above service provider(s)’s services. You must not disclose any of your confidential or sensitive information in any manner whatsoever to the above service provider(s). eBay takes no responsibility and assumes no liability in any manner whatsoever, for any loss or damage arising from or relating to the services provided by the above service provider(s) and availed by you, at your sole and absolute discretion, for your eBay selling accounts or otherwise.
NOTE: Set of required documents may vary as per the business type.