This unique identifier is essential for any entity looking to engage in international trade, whether exporting goods and services or importing raw materials and capital items. It simplifies the process of claiming refunds on indirect taxes paid on exported goods.
IEC Code Customs Clearance Procedure Simplified
Benefits Beyond Compliance While obtaining the code is a legal requirement, the strategic advantages it offers are significant for growth-oriented businesses. However, if a company undergoes changes in its structure, such as a merger, split, or change in PAN, the code may need to be surrendered or modified.
Once issued, the IEC code remains valid for the lifetime of the business entity. This specific structure ensures that the code remains unique to every registered entity in the country.
IEC Code Customs Clearance Procedure Simplified
An Import Export Code, commonly referred to as an IEC code, is a mandatory 10-digit alphanumeric identification issued by the Directorate General of Foreign Trade (DGFT) in India. The next seven characters are unique alphanumeric identifiers specific to the applicant, and the final digit acts as a check digit to validate the code’s authenticity.
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