What Is IEC Number?
The Importer -Exporter Code (IEC) is a key business identification number which is mandatory for Exports or Imports. No person shall make any import or export of goods except under an IEC Number granted by the DGFT. In case of import or export of services or technology, the IEC shall be required only when the service or technology provider is taking benefits under the Foreign Trade Policy or is dealing with specified services or technologies
The nature of the firm obtaining an IEC may be any of the follows- "Proprietorship, Partnership, LLP, Limited Company, Trust, HUF and Society." Consequent upon introduction of GST, IEC number is the same as the PAN of the firm. The IEC would be separately issued by DGFT.
Use Of IEC Number
- Importer needs IEC for import of goods from outside India.
- Exporter needs IEC for export of goods from India to outside India.
- Importer sends money abroad through banks then it's needed by the Bank.
- Exporter receives money in foreign currency directly into his/her bank account then it's needed by the Bank.
Documents required for IEC
- Copy of PAN Card.(Proprietor,Firm,LLP or Company)
- Copy of Aadhar Card/Passport.(In case of Proprietor)
- Electricity Bill/Rent Agreement of the Premises.
- Cancelled cheque of Current Bank Account.
According to the latest circular issued by the government, IEC is not mandatory for all traders who are registered under GST. In all such cases, the PAN of the trader shall be construed as new IEC code for the purpose of import and export. Import Export Code (IEC) isn’t required to be taken in case the goods exported or imported is for personal purposes.
