The growth level of the import and export business in India can be gauged from the fact that the exports in India during the financial year 2016-2017 grew at its fastest pace in the last five years.
The exports in India grew by 4.7% to $274.65 billion during this period. Despite the slowed domestic activity in the year 2016-2017 because of the demonetization drive, the imports grew even faster at 45.3% to $39.67 billion.
This sudden fastest growth in the imports and exports from India is set to give a strong boost to the import-export industry in India. If your interest in import export business is up then it is the ripe time for applying for Import Export Code in Delhi (IEC). Without this code, you can’t start your import export business.
- Some of the Advantages of the Import Export Code in Delhi are as Given Below:
- Unlock the International Markets
Import export code in Delhi is important if you want to unlock international markets. Known by its acronym IEC Code, it is a compulsory requirement export or import to India. It is a 10 digit number which is issued by DGFT in India. This code even makes you eligible to register for popular international marketplaces like Aliabad and Amazon etc.
- Aligning Various Export Incentives
Not just for imports, it has tremendous advantages for you in exports as well. Remember according to Indian policy for exports, you export goods, not taxes, so it helps in aligning various export incentives.
- Claim the Refund of Various Taxes
The exporter can claim the refund of various taxes which he or she pays during the export of Goods. After you get import export code in Delhi, then you can very easily refund taxes paid while exporting items. In some of the cases, Government of India can even waive the import duties on your goods but the condition for it is that you export goods in a set time frame.
- No Need to Knock the Doors of Politicians
Nowadays you can apply for the Import Export code in Delhi online, so no need to knock the doors of bureaucrats or politicians for this service. It is very easy to register for Import export code in Delhi. You just need to follow the given instructions and make the payment online.
- The Below Given are Some Import Export Businesses Which are Exempted From IE Code:
- If your business is related to import and export of technology only and the services related to it, then you may not require obtaining IE code in some circumstances. Technologies and services which require IE code are those which are restricted by the international trade such as ammunition, nuclear weapons, etc.
- If you are importing or exporting personal goods not connected to manufacturing, trade verticals and agriculture etc., then you will not require obtaining an IE code.
- Goods imported and exported by charitable trusts and department and ministries of the Government.
The import export code in Delhi once issued on your name needs no renewal, once issues, it gets issued for a lifetime. But the registration is compulsory for import and export business. Your import export code in Delhi is like your pan card, so you need no annual maintained fees