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IEC is a code required by business who are involved in imports and exports in India.

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Under these circumstances importer exporter code is not required:

1. Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture.
2. Import/export by government ministries and departments, and certain notified charitable organizations.

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Any Person who is involved in import and export of goods and services in India must get a importer exporter code (IEC).

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To Get IE code, a copy of PAN Card, proof of address of business, constitution of the business and a letter from the banker is required. >>Read more

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Generally it takes 3 to 7 days to get the IE code after the submission of all required documents and application.

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There is no penalty on not having an IE code but import and export is not possible without an IE code.

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The IE code is just a code. Once you have it, you can begin importing and exporting. You don't need to file the transactions done under this code or pay any taxes.

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An IE code is valid for lifetime and thus it doesn't require a renewal.

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Click Here >>IEC Code Help