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LEDGERS Accounting Software

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Eligibility

All entities in India involved in the import or export of goods/services from India would be required to obtain IE Code from the Director General of Foreign Trade.

Requirements

To obtain IE Code from the DGFT, the applicant must submit copies of identity and address proof along with a proof of operational bank account in the name of the applicant.

Importer Exporter Code

Import Export (IE) Code is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 15 - 20 working days or less.

Validity of IE Code

IE Code registration is permanent registration which is valid for life time. Hence, there will be no hassles for updating, filing and renewal of IE Code registration. It is valid till the business exists or the registration is revoked or surrendered. Further, unlike tax registrations like GST registration or PF registration, the importer or exporter does not require to file any filings or follow any other compliance requirement like annual filing.

As IE code registration is one-time and require no additional compliance, it is recommended for all companies and LLPs to obtain IE code after incorporation.

IE Code Exemption

An Import Export Code is required for import of any type of goods by a business. However, the following are category of persons are exempted from obtaining an IE Code:

Importer and export by central government or agencies or undertakings for defense purpose or other specified list under Foreign Trade (exemption from application of rules in certain cases) Order, 1993.
Import or Export of Goods for personal use.

RCMC Registration

Persons having import export code can apply for and obtain RCMC registration. Registration-Cum-Membership Certificate (RCMC) is a certificate that validates an exporter dealing with products registered with an agency/ organization that are authorised by the Indian Government. The certificate is issued for five years by the Export Promotional Councils or commodity board in India. An exporter desiring to obtain an RCMC has to declare his mainstream business in the application. This application would be submitted to the Export Promotion Council/ Commodity Board relating to that line of business.

Company Name Availability

Companies Act, 2013 does not permit registration of identical or similar names

9 Articles to Read Before Obtaining IE Code

Documents Required

Procedure for submitting IE code application along with the documents required for obtaining IE code. Any business in India that imports or exports goods and/or services would be required to submit an IE code application with the DGFT.

Application Process

Procedure and documents required for obtaining IE Code. 'Import Export Code', most popularly known as IE Code, is a 10 digit number issued by the Director General of Foreign Trade. 'Import Export Code' is the mandatory requirement for all the persons who are engaged in either importing and/ or exporting goods or services from India.

RCMC Registration

Registration-Cum-Membership Certificate (RCMC) is a certificate that validates an exporter dealing with products registered with an agency/ organization that are authorised by the Indian Government.

Shipping Bill Format

Exporters are required to file shipping bill for obtaining customs clearance. Recently, vide notification dated 25th March, 2019, the shipping bill format has been amended.

Import through Courier

The facility of imports and exports by courier mode is permitted to only those courier companies that are registered under Customs. These courier companies are called 'Authorized Couriers'.

DGFT Overview

Directorate General of Foreign Trade (DGFT), formerly known as the Chief Controller of Imports and Exports (CCI&E), is India’s official administrating body for imports and exports. It is an attached office of the Department of Ministry and Commerce and is headquartered in New Delhi.

Foreign Trade Policy

The Foreign Trade Policy (FTP) was introduced by the Government to grow the Indian export of goods and services, generating employment and increasing value addition in the country. The Government, through the implementation of the policy, seeks to develop the manufacturing and service sectors.

Export Inspection Agency

Export Inspection Agency is an entity approved and administered by the Export Inspection Council for the purpose of inspecting the commodities that are meant to be exported, as well as to co-ordinate with the council in its various endeavours. List of all export inspection agency in India categorised by state and city.

Customs Duty

Self-assessment is one of the pivotal clearance methods which was brought in by customs authorities to ease import procedures and expedite its clearance. Self-assessment formalities and procedures are applicable in large customs base locations.

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Basic

^₹4899

all inclusive fees

Import Export Code Registration
Includes Government Fee
LEDGERS Accounting Software

Standard

^₹6899

all inclusive fees

Import Export Code Registration
Includes Government Fee
GST Registration
LEDGERS Accounting Software

Premium

^₹9899

all inclusive fees

Import Export Code Registration
Includes Government Fee
GST Registration
RCMC Registration
LEDGERS Accounting Software

Bank Account Opening

Open a new or link your existing ICICI bank current account with LEDGERS for seamless bank account reconciliation, account balance check and sending of payments through NEFT / RTGS / IMPS.

Open a new or link your existing DBS bank business account with LEDGERS for seamless bank account reconciliation, account balance check and sending of payments through NEFT / RTGS / IMPS.

Bank Account Opening

Opening a current account for a private limited company is easier when compared to opening of current account for a sole proprietorship firm as a company is a registered legal entity – recognized by law. Therefore, once a company is incorporated, a bank account can be opened in the name of a company with the incorporation certificate of the company and identity/address proof of the Directors.

What is IE Code?

IE Code stands for Import Export Code. It is required for any person importing or exporting goods and services to or from India.

Why is IE Code required?

All importers must mention their IE Code while clearing customs when their goods arrive in India. All exporters must mention their IE Code while exporting their goods from India. Additionally, now RBI requests person importing or exporting services to also mention IE Code in foreign remittances in bank account. Therefore, IE Code is required for anyone involved in import or export in India.

Is there a tax levied based on IE Code?

No. IE Code is not a tax registration. So no tax is levied based on IE Code during import or export of goods or services. However, customs duty maybe levied.

Who must obtain IE Code registration?

Any person who proposes to import or export goods and services from or to India must obtain IE Code.

Can individuals obtain IE Code?

Yes, individuals acting as Proprietors of a business can obtain IE Code Registration.

What are the documents required for IE Code registration?

To obtain IE Code registration, a copy of PAN Card, proof of address of business and constitution of the business [Partnership deed, Incorporation Certificate, etc.,] and a letter from the banker is required.

How long does it take to obtain IE Code registration?

IE Code Registration can be obtained from the DGFT in 10-15 working days after submission of all required documents and application.

What is the penalty for not having IE Code?

IE Code is not a mandatory registration, only importers and exporters of goods or services must have IE Code. Therefore, there is no penalty for not having IE Code; however, import / export will not be possible without an IE Code.

Do I have to file any returns for IE Code?

No. Returns need NOT be filed for IE Code.

How long is the IE Code valid for?

IE Code is valid for life-time of the entity and renewal is also not necessary.

LEDGERS Accounting Software

LEDGERS is the next-generation of GST platform, built on the AWS cloud with deep integrations to various other services. The platform is designed to be simple and intuitive. You can now maintain accounts for your business with no accounting knowledge or experience.

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Professional Tax Invoice in Minutes

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Track Payables and Claim Input Tax Credit

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Need some other integrations? Our dedicated team can help you simplify accounting by building custom connectors.