What is IEC (Importer -Exporter Code) in India?
To start any business that deals with Import and Export in Indian Territory, it is mandatory to have Importer- Exporter Code (IEC).
IEC code is a key identification number that is issued by DGFT (Director General of Foreign Trade. No export or import shall be made by any person without obtaining an IEC unless specifically exempted. For services exports however, IEC shall be not be necessary except when the service provider is taking benefits under the Foreign Trade Policy.
After introduction of GST, IEC being issued is the same as the PAN of the firm.
Who can get IEC?
- Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, Society.
Pre-Requisites for Applying for IEC
For IEC application, PAN, bank account in the name of firm/company and firm’s detail are required with a valid address.
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