IMPORT- EXPORT CODE
IMPORT- EXPORT CODE
Import Export (IE) Code is fundamentally a 10-digit code that is needed for any individual who anticipates bringing in or sending out labor and products from India to some other country or the other way around. Thus, in India on the off chance that anybody is intending to import merchandise and administration then they ought to have an IE Code and an exporter without an IE code who wishes to sell his labor and products outside India can’t profit different advantages of exporter agreeable plans which are advanced by substances like commodity advancement board, DGFT and customs. IE Code is given by DGFT, Ministry of Commerce and Industries, Govt of India. Besides, DGFT represents Directorate General of Foreign Trade.
For IE Code, you would need to present an application to the DGFT alongside the supporting archives as a whole. Once, you present the application to DGFT, they will confirm the submitted archives and assuming found right would give you the IE Code for the proposed substance is around 15-20 working days or less.
There are times and circumstances when you wont require an IE code, some of them are as per the following:-
On the off chance that you are a merchant and you are enrolled under GST then you won’t require IE code.
On the off chance that you are bringing in or sending out Goods for individual purposes then you won’t require IE code.
Assuming that you are bringing in or sending out for Government of India Departments and Ministries.
Assuming that you are bringing in or sending out for Notified magnanimous establishments.
Need of IE code and its benefits?
Either if you are importing any good or if you are exporting goods then in both cases you would need an IE code to clear the shipments.
Also, IE code would be needed by the bank for transferring the amount in the case of any imports made or if the exporter receives money in foreign currency for the exports made, and the amount is directly transferred into the bank account.
ADVANTAGES
There is no compliance that needs to be taken care of after the Import Export code is issued i.e., you do not need to file any returns.
The IE Code issued by the DGFT stands valid for the lifetime of the entity
IE code also acts as a form of faith for the partners which facilitates import and export and also IE code is required for clearing shipments or at banks
Once the Import Export code is issued, it is valid throughout the country.
Once you have the Import Export Code (IE code), you can take benefits of various schemes like MEIS, SEIS, and also benefits from customs and export promotion council and DGFT.
