Benefits of IEC Code

The IEC registration provides numerous advantages to traders, including online businesses, helping them expand into the international marketplace.

Companies can leverage government initiatives such as the Merchandise Export from India Scheme (MEIS), the Service Export from India Scheme (SEIS), and others for customs and export incentives.

Post-registration, there are no ongoing compliance obligations, making business operations smoother.

Obtaining an IEC Code is a straightforward process, requiring only minimal and basic documentation.

Situations Where IEC Code Is Required

The IEC Code is necessary in various scenarios, such as:

• When shipments need customs clearance, the importer must provide the IEC Code.
• When an importer transfers funds abroad through banks, the IEC Code is required by the bank.
• When an exporter dispatches shipments, customs authorities at the port will request the IEC Code.
• When an exporter receives foreign currency directly into a bank account, banks mandate the IEC Code for the transaction.

Overview

In India, businesses with more revenue than the prescribed threshold must register for GST. This imposes tax compliance obligations, and businesses must lawfully collect and remit GST on the transactions. IndiaAdvocacy makes the IE Code Registration procedure simple and hassle-free. Connect our experts today to make the process simple and to keep you from being fined. We are ready to help you to get your registration GST-free with no troubles.

Navigating the Process of IE Code Registration Online

GST which came into existence on July 1st, 2017 has made it necessary for all service providers, traders, manufacturers, and freelancers in India to get on board. This system is an attempt to place all state and national taxes together to get taxation processes working smoothly.

For taxpayers with a yearly revenue below ₹1.5 crore, the GST structure provides a scheme composition, in which the tax procedures are simplified and enable predetermined tax pay as a turnover.

GST structure captures tax levies at all stages of the manufacturing process, namely raw material procurement, production, wholesale, retail, and consumer sales. Taxation is imposed at every point of the use and distribution chain, a tax spread model where revenues are apportioned to individual jurisdictions as determined by interstate transactions.

Documents Required for Import Export Code Registration

The following documents are necessary for obtaining an Import Export Code (IEC) license:

• PAN Card of the Company: Required, except for sole proprietorships.
• Applicant’s PAN and Identity Proof: This can include the PAN card, Aadhaar card, driving license, or voter ID.
• Incorporation Certificate or Partnership Deed: A document proving the establishment of the business entity.
• Address Proof: This can be an electricity bill, rent agreement, or sale deed of the office location.
• Bank Account Proof: A copy of a canceled cheque leaf or a banker’s certificate for the current account in the name of the company.