Why Import & Export Registration is required?

Why Import Export Registration?

For Importing and Exporting Goods and Services in India, it is mandatory to register your business under Import Export Registration. Import Export Code (IEC) is a 10 digit code that is mandatory to obtain to import/export goods and services from India that serve as identification at all DGFT and Customs office across India. The IEC code is a pan based registration issued by the Director-General of Foreign Trade, Government of India, Ministry of Industries and Commerce. 

IEC is generated just within 5-15 working days after you submit all the documents and made all corrections as and per required which is valid for lifetime. Basically, Import Export Register permits all kinds of Importing and Exporting without any further License, permission, or authorization. 

Generally, it facilitates all kinds of Imports and Exports without requiring any further authorization, license or permission. However, the government of India might prohibit or restrict importing or Exporting of certain goods and services considering the national interest of any particular products. If you want to import any product which is restricted by the government of India, request application for permission to Import Export can be made to the DGFT clarifying the exact reasons for exporting or importing.

Import Export Code is mandatory in the following situations:

• If the Company or firms is doing import/export activities of any product then IEC is mandatory. Without IEC, the business cannot perform any kinds of import/export activities.
• The company can get various benefits /Incentives or / subsidies in the form of SEIS and MEIS Scheme from DGFT, Customs, and Export Promotion Council on their Import Export.
• To clear or send the shipments from the customs council, it is mandatory by the customs port or customs authorities.
• If the importer plans to send money outside India via his banks then it is required by the bank.
• An exporter receives money in foreign currency directly into his bank account then it is required by the bank.

ASC provided advisory for set-up, benefits and compliances of units in Special Economic Zone (SEZ) / Export Oriented Unit (EOU) / Software Technology Park of India (STPI) / Free Trade Warehousing Zone (FTWZ). ASC also provides consultancy for Documentation, preparation, and filing of an application to get duty credit scrips under SEIS, MEIS and other Duty Exemption Schemes