WHAT IS IMPORT EXPORT CODE:-
An Import Export Code, also known as IEC is a code allotted to persons or businesses importing goods into or exporting goods from India. It is a 10 digit number which is issued by the DGFT, Ministry of Commerce
BENEFITS OF IMPORT EXPORT CODE REGISTRATION:-
• It acts as the primary proof that a firm is an importer or exporter.
• Import or export cannot be done without first obtaining an IEC.
• A proprietor can also obtain an IEC, without registering his business.
• Once issued, an IEC exists for a lifetime. This means that it does not need any renewal.
• It is not compulsory for import or export of goods for personal or governmental purposes.
• Quoting an IEC is compulsory when importing or exporting goods.
• IEC is compulsory for making foreign bank transfers in relation to business.
• It is valid for all branches of importer or exporter.
or company supplying goods or services in India need to register with GST regardless of turnover.