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What is IEC:
- An Importer -Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India.
- No export or import shall be made by any person without obtaining an IEC unless specifically exempted.
- For services exports however, IEC shall be not be necessary except when the service provider is taking benefits under the Foreign Trade Policy.
- After introduction of GST, IEC being issued is the same as the PAN of the firm.
- However, the IEC will still be separately issued by DGFT based on an application.
- The nature of the firm obtaining an IEC may be any of the follows- Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, Society.
Pre-Requisites for Applying for IEC
- IEC may be applied on behalf of a firm which may be a Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, Society.
- Firm must have a PAN, bank account in the name of the firm and a valid address before applying.
- Address may be physically verified by the DGFT on issuance of the IEC.
- Please keep your PAN, bank details and firm details ready before applying.