| All businesses or enterprises which are engaged in Importing and Exporting of goods must require registering for Import Export Code. IE Code is a 10 digit code which issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. Issued IE codes can be used by the entity throughout its existence and doesn’t require any renewal or filing. IE code has lifetime validity. If they don’t have this code Importers are not allowed to proceed and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council. |
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On the basis of IEC License, companies can obtain various benefits on their exports/ imports from DGFT, Customs, and Export Promotion Council etc.
Only one IEC would be issued against a single PAN number. Any proprietor can have only one IEC number and in case there are more than one IECs allotted to a proprietor, the same may be surrendered to the Regional Office for cancellation. ** In case of more than one proprietorship firm belonging to one proprietor, they will be indicated as branch offices of the first firm.
Any person/company dealing in international trade of export and import of goods and Services need to register for IE code.
Anyone who is acting as sole proprietor of a business can obtain IE code Registration.
Henceforth (with the implementation of GST), PAN of an entity will be used for the purpose of IEC, that is IEC will be issued by DGFT with the difference that it will be alpha numeric (instead of 10 digit numeric at present) and will be same as PAN of an entity.