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Stuck with the compliances, permissions, license from the government?
There are various compliances for doing the same under different laws but herein this article we will discuss on import and export code registration i.e., obtaining IE Code What is import export code? It is a 10-digitunique code required to be obtained from Directorate General of Foreign Trade (DGFT) under Ministry of Commerce and Industry, Government of India with a permanent validity for taking your business at a global level. WHO IS REQUIRED TO APPLY FOR IE CODE REGSITRATION? In case of import:
Persons / Organizations dealing in Import & Export would require to apply for Import Export Code (IEC) registration. But there are some categories defined by DGFT, which are exempted from taking this code.
WHO IS REQUIRED IE CODE?
With the Implementation of GST, Government of India through DGFT, in its effort for ease of doing business in India and keeping the identity of person uniform, vide its notification dated 12th June 2017, notified that any person having GSTIN can import or export, into or from India,by declaring the GSTIN at the time of import or export. Additionally, for the entities who are not registered under GST because of its threshold limit, may use their PAN as their IECfor which application should be made to DGFT for authorizing PAN of Applicant as IEC. Further, for the existing IEC holders, necessary changes in the system are being carried out by DGFT so that their PAN becomes their IEC. So, IEC holders are supposed to quote their PAN for all the documentation done w.e.f,12th June 2017. Source url - http://enterslice.over-blog.com/2018/05/expanding-your-business-globally-by-importing-and-exporting-goods-and-services.html
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