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Importance of Import and Export Code


Importance of Import and Export 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. Import Export 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 importance of Import Export Code

  1. Unlocking the international market
    1. 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.
  2. Establishing business standard and global reach
    1. Import and export business has certain factors. Import Export Code maintains a healthy business relationship between two clients. With promoting the global reach, it also establishes a Business standard of your entity.
  3. Lifetime validity
    1. One of the key features of the 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.
  4. Reduces illegal goods transportation
    1. 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.
  5. Companies may entertain certain benefits
    1. 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.

Benefits of IEC Registration

1. Expansion of Business

IEC assists you in taking your services or product to the global market and grow your businesses.

2. Availing Several Benefits

The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.

3. No Filling of returns

IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.

4. Easy Processing

It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide proof of any export or import for getting IEC code.

5. No need for renewal

IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.

 


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