An Import Export License refers to the Import Export Code (IEC), a unique code issued by the Director-General of Foreign Trade (DGFT). This code is essential for businesses engaged in international trade, facilitating customs clearance, shipment processing, and foreign bank transactions without the need for return filings.
The IEC plays a pivotal role in maximizing business profitability by enabling global trade opportunities. Commonly traded goods under this license include mineral fuels, electronic equipment, machinery, iron and steel, plastics, organic chemicals, gems, precious metals, cotton, glass, dairy products, natural rubber, food items, garments, sugar, tea, tobacco, and spices. Obtaining an import-export license is a mandatory requirement for engaging in international trade.
Enables businesses to engage in import and export activities, expanding their market reach worldwide.
Required for clearing customs, processing shipments, and conducting transactions with foreign banks.
Opens opportunities for international trade, helping businesses maximize profits and scale operations.
Streamlines customs clearance and reduces complexities in handling import-export formalities.
Aadhar / Voter ID / Driving licence / PAN / Passport ( In case of forigen national ) of the applicant and Document in relation to the proof of identity.
The Address proof of the applicant , Proof of the registered place of business (Ownership documents/ rent or lease agreement).
Any bill in relation to electricity / bank statement in relation to business.
The PAN card of the respective applicant must be enclosed.
No objection certificate by the owner / landlord must be enclosed.
A copy of the canceled cheque of your current bank account.
Our esteemed professional team would guide you with other requirements based on the nature of business.
IEC is an import export code mandatory for starting any business involving import or export in India.
No , return filing for the import and export license is not mandatory.
No renewal for the Import export code is for the lifetime.
For the people doing business under registration of GST it’s not mandatory.
No, with a valid import export code license you cannot import but exceptions are available for certain products.For further queries contact our tax team.
If you have any further queries, get our experts’ opinion. For free consultation Contact our Taxteam to resolve all your queries.