India File Kar Raha Hai
Import Export (IE) Code is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Codes when issued can be used by the entity throughout its existence and doesn’t require any renewal or filing. Therefore, it is recommended for most organizations to obtain IE Code, irrespective of if they need it at the moment.
IEC assists you in taking your services or product to the global market and grow your businesses.
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.
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.
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.
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.
Under GST, Input Tax will cover any goods or services used by the company if the business gets extended, which will widen the ambit of input GST credits. This will result in removing the requirement for establishing the direct nexus of input or input services with the final product or service provided by the company. The unavailability of credit towards excise duty, VAT on goods and service tax on certain services in the earlier tax regime added to the cost of running a business. This will be avoided under GST when there is an increase in credits for e-commerce operators and sellers.