PEAKblog: December 2018

Importer Exporter Code (IEC) is an identity number issued by the Directorate General of Foreign Trade (DGFT) for doing Import Export business in India. DGFT is a statutory body operating under Ministry of Commerce and Industry. Every business willing to do export import business in India must take the IEC. The Exporting and Importing business of the country is controlled by “ The Foreign Trade(Development & Regulation) Act, 1992”. Now it amended as “The Foreign Trade(Development & Regulation) Amendment Act, 2010”, Notification dated 20^th August 2010.

https://www.ourtaxpartner.com/import-export-code

Importer Exporter Code (IEC) Registration & Rules

Chapter III of the Act describes the Importance and Registration of Import Export Code. As per chapter III, “ No person shall make any import or export except under an Importer – Exporter code Number granted by the Director General or the officer authorized by the Director General in this behalf”. So every importer or exporter must take IEC before doing the EXIM Business and it is mandatory for them.

As a part of automation initiative of the Central Government departments, Application of IEC is now make it as Online. For clearing the difficulties for obtaining Importer Exporter Code, Department make the PAN of the applicant as IEC w.e.f 01.07.2017 vide Trade Notice No. 9 dated 12.06.2017. So only One IEC is issued against a PAN. In order to automate the process of issue of IEC and simplifying the business procedure for improving ease of doing business ,automatic PAN verification has been enforced in the IEC System. For this purpose, integration of PAN web service of Central Board of Direct Taxes (CBDT) with DGFT web server and automatic system based verification will be possible through PAN Database. So no need for the Digital signature to authenticate the IEC application and the applicant itself take print out the Importer Exporter Code.

IE Code Registration @ Rs. 3,500/-

www.peakbcs.com

The application of IEC has two Phases:

1. Application for New IEC

2. Modification of Existing IEC

How to apply Importer Exporter Code ?

Steps for IEC Application

Step 1: Log on to http://dava.gov.in:8080/dgftiec/panSearch.jsp

Step 2 : Enter the PAN

Step 3: Complete the PAN Verification process (Both Phone & E Mail)

Step 4: Fill the Application along with attachments

Step 5: Pay the fees ( Now the IEC Fees is Rs. 500/-)

Step 6: Submit the application

Step 7 : Take Print out of IEC (Digital Document)

Note : Department will conduct post -verification of Online IEC as per the guidelines. Applicant will be liable of penal / criminal action for furnishing of wrong / incomplete information. The officer may also suspend / cancel the IEC in some cases.

Documents Required for IEC Application

1. PAN of the Entity

2. Address proof of the entity

3. Cancelled cheque bearing entity’s pre -printed name or Bank Certificate

Address proof : Sale Deed, Rent Agreement, Lease Deed, Electricity Bill, Telephone Land line bill, MoU, Partnership deed

If Individual : Aadhar Card, Passport and Voter id also accepted

Note : In case the address proof is not in the name of the applicant firm, a Non Objection Certificate (NOC) by the firm premises owner in favour of the firm along with the address proof is to submitted as a single PDF document.