Registration of the Import Export Code (IE Code) is required for any and all businesses that deal in the import and export of goods and services from India. It is a 10 digit code which is given by the Directorate Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
Features
1. Unless specifically exempted, no one may export or import without an Importer-Exporter Code (IEC) Number got by Ie code registration in Bangalore. On submission of an application to the appropriate authority, an Importer/Exporter Code (IEC) number is granted.
2. The accompanying categories of importers or exporters are absolved from acquiring Shipper Exporter Code Number (IEC) number got by Ie code registration in Bangalore:
Exporters and importers are covered by clause 3(2) of the Foreign Trade (Exemption from Application of Rules in Certain Cases) Order, 1993, with the exception of sub-clauses (i) and (k).
- Departments or ministries of the central or state governments.
- Individuals who import or export goods for personal use and are not involved in agriculture, manufacturing, or trade.
- People bringing in/trading products from/to Nepal gave the CIF worth of a solitary transfer doesn’t surpass Indian Rs.25,000/ – .
- Individuals who import or export goods through Indo-Myanmar border areas, as long as the CIF value of a single shipment does not exceed Indian rupees 25,000.
3. The application for the Ie code registration in Bangalore must be submitted to the Directorate General for Foreign Trade with all of the required supporting documents.
Once, the application is submitted for Ie code registration in Bangalore, DGFT will give the IE Code for the substance in 15 – 20 working days or less.
4. An IEC Number got by Ie code registration in Bangalore designated to a candidate will be legitimate for every one of its branches/divisions/units/production lines as shown on the IEC number.
5. Requests for a scanned copy of an IEC number got through Ie code registration in Bangalore may be granted by the issuing authority if accompanied by an affidavit in the event that an IEC number is lost or misplaced.
CESTAT
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), New Delhi bench deleted penalty because there was no active role for the Import and Export Code (IEC) got through Ie code registration in Bangalore to be used for money.
The appellant, Amit Nagi, owns M/s. Dev International, and the other appellant, Ravinder Puri, works as a middleman or facilitator to help import and export traders. Amit Nagi granted Rajan Arora permission to use his IEC code which can also get Ie code registration in Bangalore for import on Ravinder Puri’s advice.
It is also clear that neither of the appellants was aware of the actual goods that Rajan Arora was importing with Ramesh Wadhera’s help.
And that neither of the appellants believed Rajan Arora in good faith that he wanted to use the IEC code which can also get Ie code registration in Bangalore of M/s. Dev International for the import of crockery, glasses, and disposable glasses.
Additionally, it is clear that the CHA – M/s Jai Impex was actively complicit in the misuse of M/s Dev International’s IEC. Additionally, the CHA has not been questioned regarding Rajan Arora’s use of Amit Nagi’s IEC code got through Ie code registration in Bangalore to facilitate import without proper authorization.
Revalidation of IEC
The procedure for revalidating the IEC which is obtained through Ie code registration in Bangalore is as follows:
- Create an account at https://www.dgft.gov.in/CP/, sign in to DGFT, and connect the new IEC to the account you created earlier to connect the old one;
- DSC and Aadhar authentication are the two options for authentication. The IEC that is obtained through Ie code registration in Bangalore can then be linked using one of the two methods above.
- Update the IEC; this can be accomplished by selecting the “Update/Modify IEC” option and then updating the pre-filled form.
- Use DSC or Aadhar e Sign to examine the completed form and sign it.
- Download the updated IEC certificate through Ie code registration in Bangalore this might be finished by using the tab “Print IEC”.
- Renewal of the IEC code that has obtained Ie code registration in Bangalore is obligatory for all importers and exporters.
- The entire process of renewal of Ie code registration in Bangalore takes place online, and the majority of the time, the application is approved immediately. The IEC Code must be acquired by all businesses wishing to expand globally.
- The Import Export Code that has Ie code registration in Bangalore makes it possible for goods and services to move around freely.
- Getting the import-trade license is required to clear the traditions and license shipment.
- The IEC Code got by Ie code registration in Bangalore makes it easier for individuals and businesses to enter the international market.
Is it necessary to collect a different IEC number for each company?
IEC that has Ie code registration in Bangalore is not required of every business.
However, IEC is connected to PAN. Therefore, if a person owns multiple proprietorship businesses, only one Ie code registration in Bangalore must be obtained for each business. This is because a proprietorship firm does not have its own identity, so a person’s PAN serves as their proprietorship firm’s PAN.
One must surrender to the Ministry for cancellation if they have allocated more than one IEC that has Ie code registration in Bangalore to a single PAN.
Because they are given their own PAN, a partnership firm, LLP, or company will need to quote their own PAN.
Advantages of IEC
Global Approach
IEC that has Ie code registration in Bangalore supports business expansion by introducing services or products to a global market.
No Additional Compliance
The IEC that has Ie code registration in Bangalore does not mandate any additional compliance, such as the filing of returns. Once it has been assigned, there is no need to follow any procedures to keep its validity. For export of transaction, there is no necessity to document gets back with the DGFT.
Lowers the Probability of Illegal Exports or Imports
IEC Contributes to the Elimination of Illegal transportation between countries and illegal Exports and Imports.
The registration enables government officials to better monitor and manage cross-border business transactions.
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