It's basically Import Export Code Number. You will all details about IEC at below URL: http://www.infodriveindia.com/IEC-Code/Default.aspx Hope it helps...
AnyBody able to Get Link for ONLINE IEC code at dgftcom.nic.in website YET? There is no such link called "IEC Application" as told in below HELP Document http://dgftcom.nic.in/exim/2000/newieconline/iechelp.htm Looks Procedure is simple like PAN,You will up Online application and send a Hard copy later By Post But where the hell this online application form is located?
Been paying taxes all my life.. love what I do and I like my country a lot I got an IEC code 3 years ago, it's very simple and you'll need to send the confirmation of the same to your bank (You must have a business/current account). Just so that you guys don't get into more trouble I suggest becoming a member of an EPC as well. Every 'export' generated needs to be audited by the govt. this is where these EPCs come into the picture. I've joined FIEO for eg.. Finally.. there are NO TAX BENEFITS whatsoever for exporting 'services'.. (correct me if I am wrong).. though if you are selling goods you'll receive a duty drawback on selected items. To all those who weren't paying taxes Welcome to the club
If you are earning more than 1.6lacs by the way of exports; be it design/code/goods you must have the following - 1. PAN card - beats me why people are so afraid of the govt? 2. Current Account - Waay friggin better than savings acc. 3. IEC Code - again, simple procedure and needs to be ratified by bank. 4. Membership of Export Promotion Council - there is one for IT I think.. In conclusion, your business account keeps track of your PAN and IEC code.. the EPC tracks growth per sector, so the govt. knows exactly how much you are earning and thus how much we as online entrepreneurs are contributing to the economy. If the govt. sees these huge numbers now that everyone will be scanned, I am pretty sure we'll have a strong lobby to push our cases/issues fiercely like all the other business lobbies do (eg. textiles, agro, leather, commodities, pharma etc etc).. Let's all stand together as this mammoth IT entrepreneurs lobby.. I for one don't see any problems with that.. I've been operating for so many years and the govt. hasn't troubled me thus far.
i have also being paying taxes but i am a freelancer and dont have any cmpany registered nor do i have a current account...any ideas?
All you need is a current account + IEC mate! While filing bank-details, sign up as sole-proprietor.. Hope this helps!
Just an update, As few others mentioned in this post, any individual who have PAN card can apply for IEC and you can produce your bank account statement for past one month... Time to get IEC code 5 to 7 days max, depending upon the branch office located near your place... thanks...
AnyBody able to Get Link for ONLINE IEC code at dgftcom.nic.in website YET? There is no such link called "IEC Application" as told in below HELP Document http://dgftcom.nic.in/exim/2000/newieconline/iechelp.htm Looks Procedure is simple like PAN,You will up Online application and send a Hard copy later By Post But where the hell this online application form is located?
I think you should wait till Monday to apply for IEC code. As Paypal blog says they will pass on more light to the issue on 1st March so may be you find something else or may be XOOM start working and if they do then I dont think you will need Export code.
Ideally, switch to a current a/c and intimate the bankers that you have applied for an IEC code as this new bank account will be used for export/import activity..
Register company or a Firm is must in order to apply for IEC code? or any individual can apply as well?