Benefits of Import Export Code | Fusion - WeRIndia

The Import Export Code (IEC) is a 10-digit code issued by the DGFT, Ministry of Commerce and Industries, Government of India.

It enables businesses and individuals to import or export goods and services.

It is a one-time registration with a lifetime validity, eliminating the need for renewal.

The code is typically generated within 5-15 working days once all required documents are submitted and any necessary corrections are made.

Obtaining an IEC brings several advantages for businesses:

• IEC facilitates the expansion of businesses by allowing them to sell their products or services in the international market.
• IEC opens doors to the global market, enabling businesses to expand their reach and increase their customer base.
• With an IEC, companies can avail of benefits and subsidies for their imports and exports from entities such as the DGFT, Customs, and export promotion councils.
• Once an entity completes the registration process and submits the required documents, the IEC is issued for its lifetime. There is no need for any renewal.
• That means the IEC code remains valid for the lifetime of the entity and does not require any renewal. Once obtained, it can be used for all export and import transactions.
• There is no requirement to file any returns for the IEC. In other words, IEC holders are exempted from the requirement of filing any returns.
• Once the code is allotted, no further processes are needed to maintain its validity.
• Even for export transactions, no returns need to be filed with the DGFT.
• Obtaining an IEC code is a straightforward process. Even individuals who own a business can obtain an IEC in their name.
• It is not mandatory to incorporate a business entity to obtain an IEC. And can be acquired from the DGFT within 10 to 15 days after applying.
• There is no need to provide proof of previous export or import activities.

The IEC plays a crucial role in facilitating international trade for businesses and individuals in India.

It offers long-term validity, simplifies processes, and provides access to various benefits and subsidies.

With an IEC, businesses can explore new markets and expand their operations globally, contributing to their growth and success.

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