Business

Is there a different code for Import and Export? 

The equivalent IEC can be utilized for import and export both. A considerable amount of individuals have an inappropriate thought that different IEC codes are required for Import and export, however this isn’t so. There is just a single enrolment for import and send out and the equivalent IEC number can be utilized while bringing in just as trading. In addition, there are a lot of favourable circumstances of having Importer – Exporter Code for organizations 

Is IEC is required for products? 

It is accepted that IEC is just for import or export of products. In any case, it is vital for the two products just as administrations. Import or export of administrations is a worldwide exchange. So any individual giving administrations past the limits of India needs to make online IEC application. 

Is there any recharging and returns in IEC? 

IEC enrollment is a one-time enlistment. Since it has lifetime legitimacy, there is no compelling reason to restore it. The IEC is to be cited at the season of bringing in or sending out or paying or getting instalments. No profits are to be petitioned for IEC as there are no post enrollment compliances. 

How is the enrollment number dispensed for IEC number? 

Beforehand, the IEC division would issue a different number for IEC code. As of late the Ministry started amendments because of which the PAN of a candidate will be the enrollment number of IEC. Henceforth the PAN and IEC number will be the equivalent. The Ministry will enroll the candidate under IEC and issue the endorsement letter promptly telling PAN as their IEC number. 

Is IEC is required for import or export of products for individual use? 

IEC is required distinctly for business and business reason. There is no requirement for IEC to import or export products for individual use. Consequently one can import or export merchandise with no enlistment for individual use. 

Do we have to take diverse IEC number for each firm? 

Only one out of every odd firm needs to apply for IEC. However, IEC is related with PAN. Henceforth, on the off chance that an individual has more than one ownership firm, at that point for each firm only one IEC enrollment is to be taken. This is on the grounds that ownership firm does not have a different personality thus the PAN of an individual is utilized as PAN of their ownership firm. In the event that one has designated more than one IEC for one PAN, at that point one needs to give up with the Ministry for scratch-off. An OPC registration or LLP or Company registration should cite their very own PAN, as a different PAN is apportioned to them. 

 

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Gary Johnson

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