The first requirement before you start an import/ export business in India is to obtain an IEC. IE Code is unique 10 digit code issued by DGFT - Director General of Foreign Trade, Ministry of Commerce and Industries, Government of India.IE Codes when issued can be used by the entity throughout its existence and doesn't require any renewal or filing. Therefore, it is recommended for most organizations to obtain IE Code, irrespective of if they need it at the moment. The IEC Registrationdoes not apply to technology and services. However, it does in certain cases in which international trade is restricted, such as nuclear weapons and automatic guns.
IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 5-10 working days or less.No export or import shall be made by any person without an Importer-Exporter Code (IEC) number unless specifically exempted.Apply for Import Export Code Application Online through Legaltree.
The IEC, once issued, is valid throughout the county, in all your branches or factories. It needs to be quoted while your goods go through customs and while sending money abroad or receiving money from abroad.
The IEC is just a code. Once you have it, you can begin importing and exporting. You don't need to file the transactions done under this code or pay any taxes.
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