The export of services from India is governed by the IEC Code, a set of rules and regulations. You must apply to the customs office in your home country in order to register under the IEC Code. The following advice will help you apply for registration:
- Verify the IEC Code’s coverage of your service. The IEC Code includes a broad range of services, including transportation and tourism as well as professional services. If your service satisfies certain requirements and is not covered by the code, you might still be able to export it.
- Obtain a certificate of registration or licensing from the regulatory body in your nation. Your service cannot be exported outside of the country in which you currently reside without a certificate.
- Fill out an application form, then send it in with the required paperwork. You must provide details about your service in-depth descriptions, your firm name, and your contact information.
- Pay all taxes and fees that apply. Before exporting your service, you’ll likely have to pay import taxes, VAT, and other fees.
What are the features of the IE Code?
- Business Expansion: Expanding your business by taking your services or products to the international market. IEC allows you to sell your products outside of India.
- Export Subsidies: Companies or firms can receive benefits and subsidies from DGFT, Customs, and the Export Promotion Council based on IEC.
- Lifetime validity: Once you have completed IE Code Registration and submitted all required documents, the IE Code is valid for the lifetime of the entity and does not need to be renewed.
- No Filing of Returns: The IE Code does not require the filing of any returns. Once an IE Code is issued, no further procedures are required to keep the IE Code valid.
- Individuals can obtain IE Code: Individuals who own a business can also obtain IE Code in their name. It is not necessary to form a business entity to obtain an IE Code.
What are the Advantages of the IEC?
- IEC standards are used to control the import and export of services. This regulation ensures that services be exported and imported in an orderly and equitable way, which enhances international trade. The code also assists in making sure that products and services are of the same calibre, reducing the possibility of fraud or errors.
- Both the exporter and the importer can profit greatly from the IEC code. The code assists the exporter in making sure that services are exported in a consistent, effective, and reliable manner. The code also assists in ensuring that goods are of comparable quality, reducing the possibility of fraud or errors. The IEC code guarantees that services are received by the importer.
- Additionally, the code assists in ensuring that items are of comparable quality, removing any chance of fraud or error.
- The Code gives enterprises flexibility, enabling them to satisfy needs while yet ensuring adherence to all relevant criteria. The code is very simple to use and requires little training for companies who want to integrate it into their export procedure.
When it comes to service providers or service export There are some government provisions that have been relaxed if you intend to import or export any kind of technology or service. You could experience a variety of repercussions if you export services without the IEC code.
Your services won’t be qualified for any government grants or other financial advantages that the code makes available to exporters. You might also be subject to restrictions and import tariffs.