What are the compliances relating to IEC code?

Background

Import export license or IEC code is allotted under the foreign Trade policy (FTP). Under FTP, there is no requirement of any compliance for IEC. IEC is very similar to PAN card.

E.g. if you need to pay tax or file ITR, then you must carry the PAN card, similarly, if you want to import or export, then you must carry the IEC code.

Further explanation

Import export license or IEC code does not have any prescribed compliances. In other words, there is no return or information needs to be filed for IEC registration like in other taxes. Import export code is the one time formality and no other formalities are required. To be a eligible importer or exporter, you just need to apply for IEC registration and done.

No return, no information, nothing needs to be filed with any government authority.

Online registration process

The import export registration is completely online and there are only four documents required for the IEC registration.

In case of ant doubt or query or feedback, please emial us at paras@hubco.in. We would love to help you out.