Import and export are the two components of international trade. Imports are the goods and services brought into one country from another country. In fact, Countries are most likely to import goods that are not produced in the domestic market as efficiently as in the exporting country. Exports are the goods and services produced in one country and purchased by the people of another country. If goods are produced in the domestic market and sold in a foreign country, it is an export. So in simple words, the process of buying and selling of products and services in the international market are defined as import & export. Combined, they make up a country’s trade balance. You need to apply for the import & export license if you want to import and export anything to and from India.
In India IEC (Import and Export Code) is mandatory before dealing in the import and export of goods. As passport is mandatory to travel abroad similarly IEC code is required for selling and buying of products outside the home country. IEC is a 10 digit number, granted by the Director-General of Foreign Trade (DGFT). India’s import and export policies are governed by Foreign Trade (Development and Regulation) of 1992 and Export and Import Policy (EXIM). You can also submit an online IEC application at dgft.gov.in with the required documents and fee of rupees Rs 250.
Benefits of Import & Export license-:
-The IEC license is necessary for the expansion of any business. A person beholding import & export license can sell manufactured goods to the clients overseas. IEC license is the first requirement to enter international market take your business to new heights.
-Obtaining IEC license is a completely online process through its common portal. The online registration process is simple and hassle-free.
-IEC registration is based on the Personal Account Number (PAN) of the business organization. And the documentation process is simple for the IEC registration.
-IEC license unlocks the new business opportunities for you. It gives you access to government proposals and big corporate orders to your business because with IEC you have legal right to be able to import and export.
-IEC is a permanent license which means that it is valid for a lifetime. Hence there will be no requirement of updating and renewing of the IEC registration. It is valid until the business exists or the registration is revoked or surrendered.
-From the point of any country, IEC registration helps the officials to supervise and better administer the transaction undertaken as part of cross border business. IEC code helps in eradicating illegal transportation and illegal import and exports.
Documents required for the Import & Export license-:
PEN card of the business entity
Photo ID: passport size
Authorization letter (in case of a partnership)
Copy of partnership deed (in case of a partnership)
Bank certificate bearing applicant entity name
Obtaining Import & export license is mandatory before commencing in activities of import & export. Unless you have not registered for the IEC license certain goods and services cannot be imported into and exported from India. If you want to get an import & export license to increase your business overseas then GSBtaxation.com can help you to obtain IEC without a hassle. The process of getting an import & export is long and requires a lot of time and efforts. GSBtaxation will help you in all your requirements regarding the registration of IEC license in India and register your import & export license within 10 days. Our team will give solutions to all your queries regarding IEC and help you to take your decisions easily.
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