An Importer-Exporter Code (IEC) stands as a vital business identification number essential for engaging in import and export activities involving India. It is mandatory for all individuals or entities involved in importing to or exporting from the country to possess a valid Importer-Exporter Code.
The IEC Certificate carries various designations such as Export License, Import License, IE Code, IEC Code, EXIM License, and EXIM License. With the introduction of the Goods and Services Tax (GST), the IEC issued aligns with the firm’s Permanent Account Number (PAN). This code applies to a diverse range of business entities, including proprietorships, partnerships, Limited Liability Partnerships (LLP), limited companies, trusts, Hindu Undivided Families (HUF), and societies.
The requirement for an IE Code arises in the following instances:
When an importer needs to facilitate the customs clearance process for their shipments.
When an importer initiates international monetary transactions through banks.
When an exporter intends to dispatch shipments from a customs port.
When an exporter receives foreign currency payments directly into their bank account, prompting the bank to request the submission of the Importer-Exporter Code.
When it comes to obtaining a Certificate of Importer Exporter Code, WINAXIS Advisory can assist you with the essential documentation, online application filing, and liaison with the relevant authorities.