IEC (Import Export Code)
What is IEC?
If you are in the business of Importing and Exporting of goods in India, it mandatory to have 10 digit Import Export Code(IEC). Import Export Code also is abbreviated as IEC.
Import Export Code(IEC) is required for all persons or enterprises involved in the Import or Export of goods. Import Export Code is issued by the Directorate General of Foreign Trade (DGFT), Government of India. Import Export Code has Lifetime Validity.
Features of Import and Export Code (IEC)
- It is compulsory for every importer and exporter to register under IEC
- The revenue cannot be claimed without this code.
- IEC code has lifetime validity; you don’t have to renew it again and again.
Benefits of IEC
- You can sell your products on international platforms.
- Several benefits from DGFT and, customs with the IEC registration.
- No need for any renewal IEC code is successful for the lifetime.
Needs of IEC
- The importer needs IEC License for custom clearance.
- The Exporters need IEC License for export subsidy.
- For Food Licensing IE Code is Required.