IEC (Import Export Code) Registration

About Import Export Code

Import Export Code, commonly abbreviated as IEC, is the first registration required for the business entities dealing in importing or exporting goods and services from India. IEC is issued by the Directorate General of Foreign Trade (DGFT), serving as a passport for import and export business.

Key Points of Import Export Code Registration

• When IEC is Required?: Import Export Code is required for businesses engaged in the import or export of goods and services in India.
• Issuance Authority: IEC Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
• Annual Renewal Required: IEC Code requires annual renewal, and it is no longer a one-time process.
• No Returns Filling: IEC Code does not require any kind of returns filling or further procedural compliances.
• Custom & Banks Requirement: IEC Code needs to be quoted with customs authorities/banks for importing & exporting goods and making or receiving payments to/from international vendors.

IEC Code License Mandatory for Export Service Provider?

The Import Export Code (IEC) license is a key business identification number mandatory for exports or imports from India. No business can engage in import or export without an IEC Code Number granted by the DGFT.

In case of import or export of services or technology transfer, the IEC Code is required when the service provider or technology provider seeks benefits under the Foreign Trade Policy or deals with specified services or technologies under Section 7 of the Foreign Trade (Development & Regulation) Amendment Act, 2010.

Exporters must apply for LUT (Letter of Undertaking) before the shipment of goods and services. The benefits of export under LUT extend to all registered persons intending to supply goods/services.