In India, nowadays business of Import and Export is growing as the government itself is promoting Import and export of goods and services from India. Directorate General of Foreign Trade (DGFT) is making rules and regulation regarding Import and exports. If you are thinking of starting a business of Import and Export of goods and services from India, then you have to comply with rules and regulation of DGFT. You need to obtain Import and Export code (IEC) from DGFT for your Import and Export business. The first requirement before you start an import/ export business in India is to obtain an IEC. IEC is the first proof for your export and import business.
Import Export Code (IEC)
DGFT issues Import and Export Code (EIC) and is a ten digit unique number. IEC act as a license for Import and export. Import and Export Code is a registration required for importing or exporting of goods and services from India. All importers must mention their IE Code while clearing customs when their goods arrive in India. All exporters must mention their IE Code while exporting their goods from India.
Additionally, now RBI requests person is importing or exporting services to also mention IE Code in foreign remittances in a bank account. Therefore, IE Code is required for anyone involved in import or export in India. For obtaining IEC code, you have to file your application. You can file your application online and offline.
The process of Import and Export Code Registration
- You have to visit the official website of DGFT (http://dgft.gov.in).
- Then you have to fill your application under form ANF 2A
- You have to fill in your details like PAN number, bank details, your business address, mobile no., email id, and you have to affix your Digital photo.
- Your application requires a digital signature
- You have to upload some requisite documents like copy of PAN, Bank certificate, Copy of identity and business proof, canceled cheque and other documents.
- After submission of the form, you have to pay for the registration fee.
- DGFT will issue IEC code after few days of submission.
Documents required for Import and export code registration –
- PAN card
- Bank certificate or canceled cheque
- Address proof
- Digital photograph
- Copy of Aadhar card or other identity proof
- Sale deed in case business premise is self-owned; or Rental/Lease Agreement, in case of office is rented/ leased; or latest electricity /telephone bill.
- Copy of partnership deed (in case of a partnership)
- Certificate of incorporation (in case of a private limited company, LLP )
- Registration Certificate of the Society / Copy of the Trust Deed ( in case of a trust )
IEC Code Fees or Cost
You have to pay a fee for registration of IEC. After completing of filing form, you have to pay a fee for successful registration. You can pay your fee online. The IEC code fee is only Rs.500. IEC code fee as Government fee is only Rs 500. Some so many professionals are doing this. Their fee is varying between Rs. “2500 to 6000”.
Conclusion for What is Fee for Import and Export Code
As you can in the above-mentioned article that IEC code is mandatory. Import or export cannot be done without first obtaining an IEC. No person or entity shall make any Import and Export without IEC number. IEC number is generated once there is no need of renewal, you can modify it if there is a need for it. IEC number shall be valid for all the divisions/units and factories indicated on the IEC number Process of obtaining IEC is very easy you can apply your form online, and after successful submission of your form, you will get your IEC code after few days.
As you can see in the above-mentioned article that Import and export code is necessary for your import and export business and you can apply for this online.