Import Export Code or IE Code is required for undertaking import of export transactions and availing benefits under schemes like SEIS or MEIS. TAXPERTS ASSOCIATES offers IE Code registration.
Import Export (IE) Code is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Codes when issued can be used by the entity throughout its existence and doesn't require any renewal or filing. Therefore, it is recommended for most organizations to obtain IE Code, irrespective of if they need it at the moment.
IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 15 - 20 working days or less.
All Importers who import goods into India require an IE Code. The IE Code must be quoted while clearing customs. Also, banks require the importers IE Code while sending money abroad.
IE Code does not require the filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code. Even if import or export transactions occur, there are no filings required to DGFT.
All Exporters who export goods or services from India require an IE Code. The IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad.
Even individuals who are proprietors of a business can obtain IE Code in their name. It is not necessary to incorporate a business entity for obtaining IE Code.
IE Code is issued for the lifetime of the entity and requires no renewal. So once a IE Code is obtained, it can be used by that entity for all its import or export transactions without any further hassles.
Identity proof like passport, drivers license, aadhaar card, voters id or ration card for the promoters with photo or person authorized to file IE code application. In case of legal entity or registered body, then partnership deed or incorporation certificate or registration certificate is required.
Bank certificate as per DGFT format or cancelled cheque bearing preprinted name of applicant and account with a bank in number. Bank certificate or cancelled cheque is used to verify that the applicant has an active current account India.