An Importer - Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted.
Importance of Import Export Code
• International market: As the IE Code is a requirement for the import and export business, they allow your products to reach the global market. IE code give you a chance to enter in the Global market. It will help you to expand your business.
• Lifetime Validity: Once you have been registered, it’s validity will be lifetime. Hence, there are no issues with updating, filing, and renewing Import Export Code registration. The IE registration is valid until the company exists or the registration is not revoked or surrendered.
• Other good Benefits: IE code has a lot of benefits for importers and exporters. The registered business entities can get help through subsidies from the Customs, Export Promotion Council or other authorities. With LUT filing under GST, the exporters can make exports without paying taxes. If the exports are made with tax payment, the exporter can claim the refunds of the paid tax amount.
• Nominal Compliances: Unlike other tax registration, the person carrying import or export does not require to fulfil any specific compliance requirements such as the annual filing or the return filings.