Import & Export

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Meaning of Export & Import of Goods

Section 2 (5) defines  of IGST Act, 2017 defines – “Export of Goods”, with its grammatical variations and cognate expressions, means taking out of India to a place outside India.

Section 2 (10) defines of IGST Act, 2017 defines – “import of goods” with its grammatical variations and cognate expressions, means bringing goods into India from a place outside India.

Meaning of Export & Import of Services

“Import of Services” as defined under Section 2 (11) of IGST Act, 2017 means the supply of any service, when –

  1. The supplier of service is located outside India;
  2. The recipient of service is located in India; and
  3. The place of supply of service is in India

Meaning of Export & Import of Services

“Export of Services” as defined under Section 2 (6) of IGST Act, 2017 means the supply of any service, when –

  1. the supplier of service is located in India;
  2. the recipient of service is located outside India;
  3. the place of supply of service is outside India;
  4. the payment for such service has been received by the supplier of service in convertible foreign exchange; and
  5. the supplier of service and the recipient of service are not merely establishments of a distinct person in accordance with Explanation 1 in section 8;
  6. Explanation 1.— For the purposes of this Act, where a person has,—
  • an establishment in India and any other establishment outside India;
  • an establishment in a State or Union territory and any other establishment outside that State; or
  • an establishment in a State or Union territory and any other establishment being a business vertical registered within that State or Union territory then such establishments shall be treated as establishments of distinct persons.

 

 

IEC Documents In Respect Of Individual / Proprietor / Partner / Director

  • Copy of PAN Card
  • Passport size photograph
  • Copy of Aadhaar Card/ Voter identity card
  • Authorization letter (In case of Partnership)
  • Authority from other Directors on letter head (In case of company)
  • Copy of Partnership deed (In case of Partnership)
  • Board Resolution/self declaration (In case of Company)
  • Cancelled cheque of individual

 

Features of Import Export Code

What is Import Export Code ?

IEC(Import Export Code) is known as many names such as importer exporter code, import export code, import export license, import export number, IE code, IEC license, IE license etc. In simple terms, IE CODE NO. is a 10 digit code which is provided by DGFT required for import export transactions. You can take IE code in your personal name or company name.

An IEC number issued to applicant shall be valid for all its divisions/ units/ factories/ branches. IEC is valid for lifetime and there is no need to renew the same.