An Importer Exporter Code is a unique 10-digit code, which is requisite for every import/export business owner in India. The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce and needs no filing or renewal. IEC is required by importers to clear customs and shipment, and to transfer money to foreign banks. Exporters require IEC to send shipments and receive money from foreign banks. In short, no importer/exporter can operate in India without getting the IEC.
Import Export Code or IEC is a 10-digit code that a business or a person needs to import/export goods/services. This code is issued by DGFT (Director General of Foreign trade), Ministry of Commerce and Industries, Government of India. The validity of this code is for lifetime, that is, there is no need to renew it. This code is generated within 5-15 working days after the documents are submitted and all the corrections required are made.
IE Code is not a tax registration. However, certain customs duty may be levied depending on the product.
Once your IEC online registration is done and you receive your import export license, there is no additional compliance you need to make regarding it. Iec registration is a permission you take from Government to import or export.