10 Benefits of Having an IEC Code in India

10 Benefits of Having an IEC Code in India

IEC Code is required for all business owners who intend to grow their operations abroad. IEC code is the most important documents key that each & every India individual business entity requires to either import or export commercial products and services from and outside. IEC number is a unique ten-digit number granted by DGFT to help business owners expand their operations internationally.

10 Advantages of Having an IEC- 

Registering for an IEC is the finest way to advance in the global market. Here, we will go over the top ten advantages of having IEC, which are as follows:

1. Global Market Reach- With the aid of IEC registration, company owners may simply expand their operations to other countries and get global clientele.
2. Online Registration- It is relatively simple to register for IEC online using several government-recognized websites.
3. basic papers Required- To register for an IEC, basic papers such as a Pan card, address proof of the applicant, registered office address, cancelled check, and branch office address are required.
4. PAN-Based Registration- It is based on your permanent account number.
5. Lifetime Validity- IEC registration is permanent and valid for a lifetime. IEC code once registered will remain valid as long as business exists or required.
6. Scheme Advantages- IEC Registration is important for Importers and exporters can both profit greatly from IEC registration. Company or entity registered with IEC can be benefited from subsidies or other advantages as well to proclaimed by the Customs Export Promotion Council or other authorities in India. If this type of business exists,
7. No Compliance- The IEC holder is not required to meet any specific compliance requirements, such as yearly filing or return filing.
8. No Annual Maintenance- Once an IEC is obtained, the code is valid for life, hence there is no further annual maintenance fee.
9. Legally Clean- Once the code is created, exporting or importing any goods will be regarded a simple and painless cross-border transaction.
10. Reduces the danger of illegal transportation- Because the procedure is regarded cross-border, it helps to reduce the risk of unlawful transportation.

How Do I Apply for IEC Online?

Setupfilings.com is the ideal site to apply for IEC online since they are the most trustworthy, government-recognized firm with a panel of legal professionals available 24 hours a day, 7 days a week. We take care of everything here, from document validation to submitting the final code.

IEC registration is required for all business owners who intend to grow their operations abroad. IEC code is the most important documents key that each & every India individual business entity requires to either import or export commercial products and services from and outside. IEC identifier is a unique 10-digit identifier granted by DGFT to help business owners expand their operations internationally.

The Advantage of Subsidies

If you have completed your IEC registration, you may submit LUT under GST

* Without paying the integrated tax. More such benefits are available in the form of government subsidies in such cases.

*LUT is a Letter of Undertaking issued by all GST registered goods and service exporters, in which the exporter certifies that they will complete all GST regulations when exporting without paying IGST.

How do you begin an export business from India?

You must get the IEC in order to profit from the numerous initiatives established by the Federation of Indian Export Organisations (FIEO).

With an IEC code, you’ll be one step closer to realising your ambition of exporting from India. You may conduct business with foreign customers all around the world from the comfort of your own home. More than 100,000 vendors have become Amazon worldwide sellers, establishing their enterprises on a global scale. Do you want to know how?

FAQ for IEC Code.

• What are the advantages of IEC code?

The IEC code can assist firms in obtaining legal rights to import and export items as well as government incentives.

• When is the IEC code not required?

According to the most recent circular from the Government of India, if you have registered for GST (Goods and Services Tax), you can utilise your PAN card.

• Do the IEC codes arrive at the counter?

The IEC code is sent through fast post to the specified address.

• Can we register many IEC code with a single PAN card?

No, a single IEC code may only be registered with a single PAN card.

• Is IEC subject to taxation?

No, there is no tax levied or applied on the IEC code, and the tax might be levied by the customs duty.

• Can a person obtain a duplicate certificate?

If the individual applied for the IEC code online, he may log in using his login on the IEC portal and download the IEC code; if he applied offline, he must repeat the procedure to obtain a new IEC code.

• Why should you go with Setupfilings.com for IEC Registration?

The Setupfilings.com is a reliable and legitimate location where anybody can apply for various certifications and registrations, and we will provide you with a variety of services at a reasonable cost while also assisting you with growing your business online.

• Is IEC registration available in India through Setupfilings.com?

Yes, Setupfilings.com can provide IEC registration in Mumbai as well as in India; simply contact us for quick Online IEC Registration.

• What additional services does Setupfilings.com provide?

Setupfilings.com provides several services to its clients, which may be found on the about page.

• Is the IEC code valid indefinitely?

Yes, the IEC code is valid for a lifetime and there is no need to renew it.