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Advantages of having IEC
An Import Export Code (IEC) is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT) to businesses in India that are involved in international trade. Here are some advantages of having an Import Export Code:
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Legal requirement
An IEC is a mandatory requirement for businesses that wish to engage in import or export activities in India. Without an IEC, a business cannot import or export goods and services.
Global recognition
An IEC provides global recognition to the business and facilitates international trade. It helps businesses to establish a credible image in the global market, and they can access various government schemes and benefits.
Expansion opportunities
Having an IEC opens up new markets and expansion opportunities for businesses. It enables them to explore new business opportunities and expand their business overseas.
Exemption from certain taxes
An IEC holder can avail of various tax exemptions, such as duty drawback, exemption from payment of GST, and access to export promotion schemes like Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS).
Facilitates bank transactions: An IEC is mandatory for opening a bank account in the name of an exporter or importer. It makes bank transactions for international trade easier and smoother.
Facilitates customs clearance
An IEC facilitates customs clearance of goods at the port of entry and exit. Customs officials use this code to identify the exporter or importer and process the shipment accordingly.
Overall, having an IEC is essential for businesses engaged in international trade as it provides a legal identity and facilitates various trade-related activities.