Benefits Of Import Export Code

Benefits Of Import Export Code

Import and export business is a very common and hot term in the world of business. This is the sector, which allows your business grow rapidly and increase your global reach. Import and export also increase the economic infrastructure of a country by raising the Gross Domestic Product (GDP).

There are some criteria and procedures which are mandatory for the importer-exporter business. One of them is Import Export Code (IEC) Registration  It is a key requirement for the individuals or any other business type who deals in import and export business in India. Import Export Code is issued by the Directorate General of Foreign Trade (DGFT) of Commerce and Industries Ministry of Government of India

Import Export Code

IEC means Importer and Exporter Code, which is obtained by the business entity for import into or export from India as part of business transaction. Registration of the code is applied under CHAPTER III of The Foreign Trade (Development and Regulation) Act, 1992. It is issued and allotted by the Directorate General of Foreign Trade (DGFT) as a 10 Digit unique number. The IEC Registration Certificate is deemed as the main document for the business which is into the imports and exports business.

Any business entity including individuals can apply for the registration for import into or export from India. The renewal of Importer – Exporter Code is not required as IEC are allotted and granted with life-time validity i.e. till existent of the business. Application for IEC Registration is made online to DGFT accompanied with necessary documents.

Benefits Of Importer Exporter Code

Import and export business is undoubtedly a great option for the people who are new to the business and willing to unlock the corridors of the international market with their product or service. Importer Exporter Code, also known as IE Code is a key requirement for such people which not only increases the growth and development of your business but also induces a certain level of standard of the business entity.

Following are the Benefits of Import Export Code

Global Market Reach

As said, it is the primary requirement for the import into and export from India for the goods and specified services which enables the businesses to unlock the opportunities across the globe in the international business market. It increases the global reach of the business and hence opens door for growth and expansion.

Simple processing

Obtaining an Import Export Code from the Director General of Foreign Trade is fairly simple. Applications are usually processed within 10 to 15 days once submitted.

Unlocking the international market

Since the IE Code is a requirement for import and export business, it does allow people to have their reach to the international market. This enhances the business quality and takes it forward.

Lifetime validity

One of the key features of Import Export Code is that it has a validity of lifetime i.e a business entity may entertain its benefits till the time it exists. The unique 10 digit code does not even require any kind of renewal.

Reduces illegal goods transportation

As per the instructions and requirements for getting the Import Export Code, you need to give your authentic information. No one can get the IE Code without giving full authentic information. This restricts the transportation of illegal goods.

Companies may entertain certain benefits

There are many benefits if you have obtained an Import Export Code for your business. A company may entertain benefits on Import and export from DGFT customs, and Export Promotion council etc. One can also claim the refund of taxes paid during exporting the goods.

Conclusion

Obtaining Import Export Code is mandatory before commencing activities of Import or Export. Unless one has obtained this registration, the goods or specified services cannot be imported into or exported from India. The applicant engaging into exports is also required to get registered under GST as specific category of registration is specified under the law. The necessity of IEC registration cannot be neglected as it is mandatory in nature.

B2B Export-Import Academy Pune  provide knowledge, training and service for setting-up entire Export Import  platform. For further info,

visit us at B2B Export Import Academy.

TOLL FREE NO-

☎ 844 844 8987

B2B Export Import Academy is the most genuine export import management course institute having its presence in the various metro cities of India including Delhi, Mumbai, Kolkata, Pune.etc.An ideal import export training in Pune is one that is imparted at the centre or the field without compromising with the practical import export techniques.