Common FAQs on IEC Registration

Common FAQs on IEC Registration

Common FAQs on IEC Registration


Q. Is there a tax levied based on IE code?

  No. IE Code is not a tax registration. So no tax is levied based on IE Code during import or export of goods or services. However, customs duty maybe levied.

Q. Who must obtain IE code License?

  Any person who proposes to import or export goods and services from or to India must obtain IE Code.

Q. What is the penalty for not having IE code?

  IE Code is not a mandatory registration, only importers and exporters of goods or services must have IE Code. Therefore, there is no penalty for not having IE Code; however, import / export will not be possible without an IE Code.

Q. Do I have to file any returns for IE code?

  No. Returns need NOT be filed for IE Code.

Q. How long is the IE License valid for?

  IE Code is valid for life-time of the entity and renewal is also not necessary.

Q. Can a person/entity have more than 1 IE code?

  No. Only 1 IEC is issued to a person/entity. So if more than 1 IEC code is issued, then the same should be surrendered to the Regional Office for cancellation.

Q. What happens if IEC number is lost or misplaced?

  In such a case, you need to provide an affidavit so that the issuing authority of the IEC code can issue a copy of your IEC number.

Q. How can an NRI apply for IEC ?

  Normal procedure is followed to obtain IEC code in case of NRIs. In some exceptional cases, the permission from RBI/FIPB is required.

Q. How can I modify my IEC Code ?

  If you or a company wants to modify any details in IEC license, then you can do it online in your IEC application. IEC modification required resubmitting the application with the DGFT once again with all the required documents. Also, IEC modification fee needs to be submitted with the department.


For more information visit www.taxaj.com
Posted by Pooja
Team Taxaj

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