IE Code Registration

Businesses have many choices for opening up the global market for their goods and services through import and export activities. The primary prerequisite for entering the global market, which facilitates the expansion and development of the business to a specific standard, is the IEC code. The advantages of IEC registration for businesses are listed below.

Global Market Reach

As previously said, the main prerequisite for the import of products into and export of specific services from India is what enables enterprises to take advantage of opportunities in the global market for international trade. It broadens the company's market reach and creates opportunities for growth and development.

Online Registration

Obtaining IEC is complete online process through its common portal. The online IEC registration application makes hassles little with simplified documents list attached therewith to support the application.

PAN Based Registration

The Permanent Account Number of the business organisation serves as the basis for providing the Code. As a result, a single business organisation may only need to register once. Registration is not necessary based on place of operation. The registration is cancelled or given up as soon as the business is dissolved.

Life Time Validity

IEC registration is permanent registration which is valid for life time. Hence there will be no hassles for updating, filing and renewal the IEC registration. It is valid till the business exists or the registration is not revoked or surrendered.

Benefits of Schemes

IEC code offers significant advantages to both exporters and importers. The registered business enterprises would be eligible for any benefits announced by Customs, the Export Promotion Council, or other agencies in the form of subsidies or in other ways. The exporters can make exports without paying taxes after filing a LUT under GST. If taxes were paid in conjunction with the exports, the exporter may be entitled to a refund of those taxes.

No Compliance

Unlike other tax registrations, the importer or exporter does not require to fulfil any specific compliance requirement such as Annual Filings or return filings. The code possesses no need of compliance after registration.