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IMPORT EXPORT CODE

IMPORT EXPORT CODE (IEC) is a ten digit number granted by Directorate General of Foreign Trade under Ministry of Commerce and Industry, to any bona fide person/ company for carrying out import/export. In India If any business entities wants to start import/export business then IEC code is mandatory. IE Codes when issued can be used by the entity throughout its existence and doesn't require any renewal or filing.

IEC is not required under the following circumstances:

  1. Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture.
  2. Import/export by government ministries and departments, and certain notified charitable organizations.

List of Documents required for obtaining IEC Code:-

 

Additional document in case of company and partnership firm-

  • A Copy of PAN Card (Copy of PAN of all partner/director in case of partnership firm or company)
  • A Copy of Proof of Business Place.
  • A copy of Constitution of Business. (Partnership deed/Incorporation certificate etc.)
  • Bank certificate on the letter head of bank.
  • Scanned copy of photograph of Proprietor/authorized person.
  • Details of Bank Account.
  • MOA and AOA of company
  • Partnership deed of partnership firm
  • Address proof of all director or partner
  • Board resolution copy in case of company and authority letter in case of partnership firm

COMPARISON OF SOME IMPORTANT GOVERNMENT REGISTRATION

VAT
Seller of goods can apply
When turnover exceeds by the amount specified by different State VAT Act (In Delhi it is 20 lakhs
State Government are the issuing authority
Monthly/quarterly/yearly depending upon state VAT rules
SERVICE TAX
Service provider can apply
When service provided or agreed to be provided exceeds 9 lakhs
Central Government are the issuing authority
Half yearly
SHOP & ESTABLISHMENT ACT
All
Within 30 days of operation (may differ municipal to municipal)
Municipal corporation are the issuing authority
No return need to file
IMPORT EXPORT CODE
Person engage in import & export of goods can apply
Before making import & export of goods
Director General of Foreign Trade are the issuing authority
No return need to file
PROFESSIONAL TAX REG
Employers can apply
Within 30 days of operation (may differ state to state)
State Government are the issuing authority
Monthly/quarterly/yearly depending upon state government rules

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