In order to initiate any kind of import or export, the business is first required to apply for apply for IEC registration. This Import export Code is required to be quoted on every international transaction. Following are the benefits and procedure of IEC registration.
Benefits of IEC Registration
• Export Subsidies
Once the business has acquired import Export Code, they are in the official t of registered exporters/importers and can be identified by the. Some business based on the nature of their business is also eligible for export subsidies. Like, under GST, if one is exporting their products, such exports will be zero rated. Other than this they also receive such incentives from Customs, Export promotion council etc.
• New Market Opportunities
With introduction of new schemes, treaties between countries etc, the market is expanding everyday on a very rapid pace. In order to explore international markets the business is first required to obtain Import Export code whether it is for imports or exports.
• Rapid Business growth
With the access to international markets, a sea of opportunities is made available to the business. Any smart entrepreneur can convert this opportunity into a formula of rapidly growing their business.
• Lifetime validity
Once after due consideration of application an Import export Code is issued, it comes with the benefit of lifetime validity. This means no added renewal fee requirement exists. This is a huge relief as the trader can concentrate on business without the worry of lapse of registration.
• No Return Filing requirement
After due registration the registered person is not required to file any kind of returns.
• No Business registration is Required
Unlike many other registrations for Import export Code registration the applicant is not required to get their business registered. along with companies, LLPs, partnerships or any other kind of registered business even an individual who is running a business as a sole proprietor can apply for IEC Registration.
Process of IEC Registration
Step 1 : Preparation of Application
As we know IEC application procedure is completely online. Before logging in, the applicant must make sure that all the required documents are available in scanned copy. you should make sure that the scanned documents are in the right format. The soft copies can either be in Pdf format of Gif format. Document in any other format is not acceptable while online filing.
Step 2: Create login and fill application
Once all the documents are arranged, the applicant is required to create a login on the official portal. For this purpose, Pan No along with contact details including mobile no and email Id are required to be mentioned. After verification, login Id is created. By logging in, the applicant is required to fill up the application and upload all the required documents for registration. The applicant has an option to modify their application any number of times before finally submitting it for processing by the authorities.
Step 3 : Submit application and fee payment
If after proper review of the application the applicant is satisfied he can submit the application. After filing the application with the DGFT the applicant is also required to remit the prescribed registration fee to the authorities. This fee is also paid through online transfer.
Step 4 : IE Code Issuance
After submission the Authority will scrutinize your application. If DGFT has any kind of issues it can ask for explanations or changes. The applicant is required to revert back with 15 days of receiving such notification. After satisfaction, the authority issues the Import Export Code to the applicant. Approval is emailed to the applicants official email id along with the soft copy of the certificate. This registration has lifetime validity.
Source url – http://entersliceindia.bravesites.com/entries/general/benefits-and-procedure-of-iec-registration
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