Import Export Code (IE Code)


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.

IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 15 – 20 working days or less.

[advantage] [adv_part title=”Importers Require IE Code”]All Importers who import goods into India require an IE Code. The IE Code must be quoted while clearing customs. Also, banks require the importers IE Code while sending money abroad.[/adv_part] [adv_part title=”Exporters Require IE Code”]All Exporters who export goods or services from India require an IE Code. The IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad.[/adv_part] [adv_part title=”Lifetime NO Renewal”]IE Code is issued for the lifetime of the entity and requires no renewal. So once a IE Code is obtained, it can be used by that entity for all its import or export transactions without any further hassles.

[/adv_part] [adv_part title=”No Return Filing”]IE Code does not require the filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code. Even if import or export transactions occur, there are no filings required to DGFT.[/adv_part] [adv_part title=”Proprietors can have IE Code”]Even individuals who are proprietors of a business can obtain IE Code in their name. It is not necessary to incorporate a business entity for obtaining IE Code.[/adv_part] [adv_part title=”Quick Processing”]IE Code can easily be obtained from DGFT within 10-15 working days after submission of the application along with all the necessary information. It is not necessary to show proof of any import or export to obtain IE Code.

[/adv_part] [/advantage]

FAQ


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What is IE Code?
IE Code stands for Import Export Code. It is required for any person importing or exporting goods and services to or from India.
Why is IE Code required?
All importers must mention their IE Code while clearing customs when their goods arrive in India. All exporters must mention their IE Code while exporting their goods from India. Additionally, now RBI requests person importing or exporting services to also mention IE Code in foreign remittances in bank account. Therefore, IE Code is required for anyone involved in import or export in India.
Is there a tax levied based on IE Code?
No. IE Code is not a tax registration. So no tax is levied based on IE Code during import or export of goods or services. However, customs duty maybe levied.
Who must obtain IE Code registration?
Any person who proposes to import or export goods and services from or to India must obtain IE Code.
Can individuals obtain IE Code?
Yes, individuals acting as Proprietors of a business can obtain IE Code Registration.
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What are the documents required for IE Code registration?
To obtain IE Code registration, a copy of PAN Card, proof of address of business and constitution of the business [Partnership deed, Incorporation Certificate, etc.,] and a letter from the banker is required
How long does it take to obtain IE Code registration?
IE Code Registration can be obtained from the DGFT in 10-15 working days after submission of all required documents and application.
What is the penalty for not having IE Code?
IE Code is not a mandatory registration, only importers and exporters of goods or services must have IE Code. Therefore, there is no penalty for not having IE Code; however, import / export will not be possible without an IE Code.
Do I have to file any returns for IE Code?
No. Returns need NOT be filed for IE Code.
How long is the IE Code valid for?
IE Code is valid for life-time of the entity and renewal is also not necessary.
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