IEC Starting an Import-Export Business in India
IEC Starting an Import-Export Business in India- The government has many rules specifically for those who import and export. You need to check our government’s agreements regarding trade with other countries; you need to apply for the importer and exporter code, register on the export board, and record all receipts carefully.
Obtain the import and export code
Any company wishing to participate in import or export must have an importer source code (IEC). Obtaining a 10-digit code can be quick if you have all the documents in the system, taking anywhere from four to 10 days.
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Applying for IEC
IEC registration is mandatory to manage an export business in India. It is a one-time registration, is done online, and is valid for the age of the organization or owner.
To register the export business, one must first apply for the IEC. Registration online is on the website of the General Directorate of Foreign Trade (DGFT). All you need to do is send the documents listed below, along with the available form.
The documentation required for any IEC
1. a certificate from your banker;
2. A copy of the applicant’s PAN card;
3. Three passport-sized photographs of the applicant or managers/partners;
4. Company / Individual Proof Address;
5. Details related to partners, trustees, managers, and supporting documents, such as the factory site;
6. Cash amount or payment order in the amount of 5000 rupees / – towards registration to be paid to a specific office of the office where the application was made.
Registration of Export Business in India
1. If the items you are exporting are smuggled goods, you need to register with the central excise department.
2. The law stipulates that any export business in India must also be registered within the framework of the Export Promotion Council, or in the case of the export of basic commodities, agricultural products, or other raw materials, the Commodities Council of India.
3. Also, records must be made according to the export path. For example, if you are planning to export by sea, you need to apply for registration/membership with customs port and air exports, you need to apply through customs airport.
4. As a source, you will also need to register the VAT, in addition to the import and export code.
5. Obtain a customs certificate from the Export Council of India Customs. The certificate is an essential document required, as specified by the Export (Quality and Inspection Law), 1963.
Business bills
The exporter must raise two bills: a pro forma bill and a commercial bill. The first is the proforma invoice that contains all the details of the product to be exported, product description, date of manufacture, and so on. This invoice is sent to the buyer, and upon approval, the product is shipped with the commercial invoice. Both invoices must be stored for tax purposes and auditing.
There are many other details, such as the type of packaging expected in export, the marking of parcels sent through different methods, and the approval of the employee responsible for evaluation, which is equally important in the export business.

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