IEC means unique 10 digits Import Export Code which is provided by Directorate General of Foreign Trade’s common portal to any person or entity who is looking for or is engaged in business of import or export in India.

Imports means when any goods or services are brought in from one country to another e.g. Imports of Petrol from Gulf countries to India, while exports are goods and services produced in the home country for sale to international markets e.g. Export of Steel from India to Foreign Countries.

LUT means Letter of Undertaking which is declaration filed under GST for all registered goods and service exporters to avoid IGST levy.

Aayat Niryat Forms or ANF forms are documents for seeking refunds, relaxations and other Import export affairs that are dealt under DGFT office.

No you need IEC code only for business related exports or imports as it is mandatory, personal import or export transactions do not require IEC code.

Whenever an import or export is done for commercial or business purpose IEC code is required.

Yes. Import or export can be done without IEC code for personal use unless it is not for business purpose for that IEC code is mandatory.

The Import – Export Code is required to be registered by any business entity or an individual. The mandatory documents that are needed for the Import Export Code Registration is as follows:

1. PAN Card of the Applicant (Individual/ Firm/LLP/Company)
2. AAHDAR card of Applicant/ Authorised Signatory.
3. Two Photographs of Authorised Signatory.
4. Rent Agreement or Electricity Bill (Latest)
5. Cancelled Bank Cheque.
6. Proof of Business (Incorporation Certificate/ Partnership Deed).
7. Description of Goods or Services offered.

Yes, an individual can obtain IEC registration if they are planning on doing business of Import or Export.

It takes around 10-15 days to obtain IEC code from DGFT after the submission of application for import export code.

There is no requirement of proof of import or export details for filing IEC registration.

Customs department is a government agency that is authorised to conduct customs valuation and also collection of import and export duties on behalf of government of India.

Yes, customs being the authorised government agency for import and export related duties and transactions so IEC is to be reflected on all custom documents.

No, IEC code requires only one time registration and has a validity of a lifetime. Unless it is revoked by department  or cancelled by the registered person.

Yes, any business with a valid IEC code can cancel their registration if they discontinue their business of import or exports

Digital signature certificate is required for getting IEC registered but it is not mandatory. However a unique DSC is issued by DGFT which enables the registered users to save around 50% of the license fees.

No, IEC code does not require any periodic or annual return filing and almost no compliances for years following the registration of IEC code.

IEC code is not a mandatory registration to have unless you are importers or exporters of goods and services where service provider taking benefits of foreign trade policy. There is no penalty for not having IEC only drawback is you won’t be able to process import or export transactions.

No, GST is not required for registration of IEC. Importer or exporter need to declare GSTIN at the time of import or export of goods as it will be an Interstate supply.