IEC Code

IEC Code

What is Import/Export Code (IEC)

Import/export code (IEC) as the name suggests, is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) to carry out the import of goods/services in India and export of goods/Services from India. Getting IE code is the first step to start trading internationally.IE code has lifetime validity.

Exporters cannot get the benefit of exports from DGFT, customs, Export Promotion Council without IE code.

IE code is also mandatory to pay and receive international financial transactions. In short, one cannot legally trade in international market without IE code.

 Various Benefits of Import Export Code

  • Touching international boundaries for trade. With IE Code one can expand business and reach customers internationally.
  • IE Code is issued for a lifetime, one-time activity with lifetime benefits.
  • Avail discounts and subsidies granted by DGFT.
  • IE Code doesn’t require any filling
  • Any proprietor business identity can obtain IE Code

 Documents required For IEC Code Registration

  • Personal PAN Card of the applicant.
  • Identify proof of the applicant
  • Company Address proof (In case of Private limited/limited companies).
  • Copy of rent agreement (if rented property)
  • Details of directors/partners.
  • Telephone bill in the name of the business
  • Canceled cheque or Bank Certificate bearing applicant entity name.
  • Company PAN (In case of Private limited/limited companies).
  • AoA & MoA (In case of Private limited/limited companies).
  • Digital Signatures of applicants.

 Documents Required For Online IEC Code Registration (Partnership Firm)

  • Photograph (3x3cms) of the Managing Partner
  • Copy of PAN card of the applicant entity
  • Copy of Passport (first & last page)/Voter’s I-Card /UID (Aadhar Card)/Driving Licence/PAN (any one of these) of the Managing Partner
  • Copy of Partnership Deed
  • Sale deed in case business premise is self-owned; or Rental/Lease Agreement, in case office is rented/ leased; or latest electricity/telephone bill
  • Bank Certificate as per ANF 2A (I)/Cancelled Cheque bearing preprinted name of the applicant entity  Account  No. Details

Documents Required For IEC Code Registration (LLP – Private Limited Company – Limited Company)

  • Photograph (3x3cms) of the Designated Partner/Director of the Company signing the application
  • Copy of PAN card of the applicant entity
  • Copy of Passport (first & last page)/Voter’s I-Card /UID (Aadhar Card)/Driving Licence/ PAN (any one of these) of the Managing Partner/Director signing the application
  • Certificate of incorporation as issued by the RoC
  • Sale deed in case business premise is self-owned; or Rental/Lease Agreement, in case office is rented/ leased; or latest electricity/telephone bill.
  • Bank Certificate as per ANF 2 A(I)/Cancelled Cheque bearing preprinted name of the company and A/C No .

Documents Required For IEC Code Registration  (Registered Society – Trust)

  • Photograph (3x3cms) of the signatory applicant/Secretary or Chief Executive
  • Copy of PAN card of the applicant entity
  • Copy of Passport (first & last page)/Voter’s I-Card /UID (Aadhar Card)/Driving Licence/ PAN (any one of these) of the Secretary or Chief Executive/ Managing Trustee signing the application.
  • Sale deed in case business premise is self-owned; or Rental/Lease Agreement, in case office is rented/ leased; or latest electricity/telephone bill.
  • Registration Certificate of the Society / Copy of the Trust Deed
  • Bank Certificate as per ANF 2A(I)/Cancelled Cheque bearing preprinted
  • Name of the Registered Society or Trust and A/C No.

 Documents Required For IEC Code Registration  ( Hindu Undivided Family (HUF) )

  • Photograph (3x3cms) of the Karta.
  • Copy of PAN card of the Karta.
  • Copy of Passport (first & last page)/Voter’s I-Card/ UID (Aadhar card)/Driving Licence (any one of these) of the Karta.
  • Sale deed in case business premise is self-owned or Rental/Lease Agreement, in case office is rented/ leased or latest electricity/telephone bill.
  • Bank Certificate as per ANF 2A(I)/ Cancelled Cheque bearing preprinted name of applicant and A/C No.

 

FIEO Registration

FIEO, Federation of Indian Export Organization was instituted jointly by Ministry of Trade and Commerce, and Private Trade and Industry in the year of 1965. The federation of Indian Export Organisation’s main object is promotion of international trade and it is the organisation which is responsible for representing and assisting exporters and entrepreneurs in a foreign market. FIEO works actively in order to extend and enhance Indian market and exports. Not limited to promotion of export of merchandise, FIEO also promote the export of services. This organisation also represents the interests of government recognized exporting firms. The working of FIEO is an indicative for the Indian businessmen who are indulged in import-export market. By way of FIEO registration, FIEO is engaged in and regulates export related organisations in India. It is suffice to say that it is Government of India’s partner in promoting India’s exports. Because of FIEO registration, businessman are able to enjoy benefits of global exposure as they are now guided on key areas of global trade such as Foreign Trade Policy (FTP) and various concessions to MSMEs.

There are certain benefits for an exporter to register with FIEO. It provides the exporters with a proper guidance in relation to international exposure.

Registration with FIEO benefits the exporters with free online business. Portals like amazon and e-bay has come as a boon for FIEO members. These portals gives members a convenience to run online stores for free. Amazon provides the said service free for 3 months and E-bay provides the same for 6 month.

The exporters would also enjoy the affordable and ease in credit rating. Various credit rating agencies provide benefits to the members of FIEO. Like, one of the prominent credit rating agencies, namely, CRISIL provide the exporters with a discount of 10% on credibility analysis services.

Foreign Trade Policy, mandates an exporter to get the Registration-cum-membership Certificate (RCMC) to avail the benefits under this policy, provided to the exporter. For the purpose of registration, FIEO has been recognized as Export Promotion Council. India has 26 export promotion councils and 9 commodities board, which carry the responsibility to issue RCMC. They have been provided with the authority to issue RCMC to the exporters by the Central Government. The commodities board and export promotion council classify itself on the basis of type of products.

RCMC issued will be deemed to be valid from 1st of April from the year of issue of license and will be valid for five years.

There are implications on RCMC holder regarding change in any constitution. If any adjustment in constitution, possession, name and address of an exporter, it is mandatory for the RCMC holder to imply such a change to the enrolling authority within 30 days from date of that change. Authority may acknowledge defers made on merits. Another implication is that the outfitting of quarterly return/subtleties of the fares of various products to the concerned enrolling authority. If the quarterly sent comes back to FIEO in the configuration that is indicated by FIEO.

Registration for exporters: any exporter desiring for RCMC have to declare his primary line of business in the application that is to be submitted to the EPC (Export Promotion Council) identifying with such line of business.

The item, if isn’t secured by the Commodity board/Export Promotion Council then the RCMC desired shall be procured from FIEO itself.

If multi item exporters occurs, not enlisted with any Export Promotion Council, where the line of business is not settled yet then the exporter shall file with the Federation of Indian Exporters Organization to procure RCMC.

Exporter desiring RCMC must fill the application properly in the specified format as given in the appendices register along with the requisite documents and may become a member of EPC. Documents requisite are:

 

  1. Application for Registration –cum- Membership, clearly mentioning the information of business line.
  2. Copy of the Importer and Exporter Code (IEC) number, self-attested by the applicant.
  3. Applicant’s Bank Statement.
  4. If the applicant is in the business of manufacturing, then a SSI/IEM certificate.
  5. Declaration of business effected during precedent FY in relation to the export and import.
  6. In case of companies, a copy of Memorandum and Article of Association and in case the applicant is partnership firms, then the applicant’s partnership deed is required to be submitted.

The desired RCMC will be provided by the concerned authority only after scrutinizing the applicant and the requisite documents. If the concerned authority is not satisfied with the information and the documents, it would provide the applicant with a reasonable opportunity to defend themselves. And thereafter may issue the desired RCMC or reject the application. Once RCMC issued, will be valid for 5 years.

If the Export Promotion Council finds any exporter violating the conditions of the registration, the council may de-register the exporter for a specific span of time, after providing a reasonable opportunity to the exporter to defend himself.

 

Merchandise Exports From India Scheme (MEIS) & Duty Drawback

MERCHANDISE EXPORTS FROM INDIA SCHEME (MEIS)

MEIS was introduced in the foreign trade policy (FTP) for the period 2015-2020. The MEIS was launched as an incentive scheme for the export of goods. The rewards are given by way of duty credit scrips to exporters. The MEIS is notified by the DGFT (Directorate General of Foreign Trade) and implemented by the ministry of commerce and industry.

Merchandise Exports from India Scheme (MEIS) Scheme

A scheme designed to provide rewards to exporters to offset infrastructural inefficiencies and associated costs. The Duty Credit Scrips and goods imported/ domestically procured against them shall be freely transferable. The Duty Credit Scrips can be used for:

(i) Payment of Basic Customs Duty and Additional Customs Duty specified under sections 3(1), 3(3) and 3(5) of the Customs Tariff Act, 1975 for import of inputs or goods, including capital goods, as per DoR Notification, except items listed in Appendix 3A.

(ii) Payment of Central excise duties on domestic procurement of inputs or goods,

(iii) Payment of Basic Customs Duty and Additional Customs Duty specified under Sections 3(1), 3(3) and 3(5) of the Customs Tariff Act, 1975 and fee as per paragraph 3.18 of this Policy.

Objective of the Merchandise Exports from India Scheme (MEIS) is to promote the manufacture and export of notified goods/ products.

Pre-Requisites for Applying for MEIS Scheme

To apply for MEIS scheme, an IEC is required. Other pre-requisites as mentioned in the Chapter 3 of Foreign Trade Policy and Hand book of Procedures may be referred.

BACKGROUND TO MEIS

MEIS replaced the various export incentive schemes which gave different types of duty credit scrips namely, Focus Market Scheme (FMS), Focus Product Scheme (FPS), Vishesh Krishi Gramin Udyog Yojana (VKGUY), Market Linked Focus Product Scheme (MLFPS) and Agri Infrastructure incentive scheme. All duty credit scrips issued under the earlier incentive schemes were transferred to the MEIS.

MEIS INCENTIVE

Under the FTP 2015-20, MEIS intends to incentivise exports of goods manufactured in India or produced in India. The incentives are for goods widely exported from India, industries producing or manufacturing such goods with a view to making Indian exports competitive. The MEIS covers goods notified for the purpose of the scheme.

The incentives under the schemes are calculated as a percentage, which is 2%, 3% or 5% of the realised FOB (free-on-board) value exports in free foreign exchange or FOB value of exports as per shipping bills in free foreign exchange. The incentives are allotted through a MEIS duty credit scrip. The ‘free foreign exchange’ will include foreign exchange earned through international credit cards and other instruments allowed by the Reserve Bank of India (RBI).

HOW TO APPLY FOR MEIS INCENTIVE

You should make an online application in form ANF 3A through a digital signature to claim duty credit scrip entitlements under MEIS. The applicant has to furnish hard copies of the application filed with DGFT, EDI (Electronic Data Interchange) shipping bills, Bank Realization Certificate obtained electronically (e-BRC) and RCMC. However, if the application is made through EDI ports, then the applicant is not required to submit hard copies, but only export promotion copies of non-EDI shipping bills and proof of landing.

The applicant shall file separate applications for each port. The applicant is not required to submit any documents in original but should retain the original documents for a period of three years.

The application should be filed within a period of:

12 months from the LEO (Let Export) date or

3 months from the date of – uploading of the EDI shipping bills onto the DGFT server by customs, or printing of shipping bills for non-EDI shipping bills, whichever is later.

HOW TO USE MEIS INCENTIVE

The duty credit scrips can be utilised to pay customs duties on import of inputs or goods, safeguard duty, anti-dumping duty and any other customs duty under FTP 2015-20. The scrips can also be transferred as well as used for importing goods against them.

Exporters can request for a split of the duty credit scrip with a condition of each scrip valuing to at least Rs 5 lakh. The request can also be made after the issue of scrip, with the same port of registration as applicable for the original scrip. However, the procedure is applicable only in respect of EDI (Electronic Data Interchange) enabled ports. In the case of non-EDI ports, a duty credit scrip cannot be split after it is issued.

The scheme provides the flexibility of import and payment to exporters and has removed many structural inefficiencies of the earlier incentive schemes.

GOODS NOTIFIED UNDER MEIS

MEIS incentivises close to 5,000 items classified and notified under various ITC (HS) codes and with corresponding reward rates ranging from 2% to 5%. The items are notified by the DGFT.

INELIGIBILITY OF BENEFITS UNDER MEIS

The sectors or segments mentioned below are not entitled to MEIS incentives:
– SEZ/EOU/EHTP/FTWZ products exported through DTA units.
– Supplies made to SEZ units from DTA units.
– Deemed Exports.
– Export of imported commodities covered under paragraph 2.46 of FTP.
– Export commodities which are subject to a minimum export duty or export price.
– Exports via trans-shipment, meaning thereby exports that are emerging in the third country but trans-shipped through India.
– Exports initiated by units in Free Trade and Warehousing Zones (FTWZ).

DURATION OF MEIS

The MEIS incentives are applicable from 1 April 2015 until the validity of the FTP 2015-20, which is 31 March.

DUTY DRAWBACK

Duty Drawback is one of the most popular and principal method of encouraging export. It is a relief by the way of Refund/Recoupment of Custom and IGST paid on Inputs or raw material and Input services used in manufacture of exported goods.

The duty Drawback is of three types:-

  1. i) All Industry Rates
  2. ii) Brand Rates

iii) Special Brand Rates

Duty Drawback under GST

Under GST, the duty drawback would only be available for the customs duty paid on imported inputs or central excise paid on certain petroleum or tobacco products used as inputs or fuel for captive power generation.

Amendments have been made to the drawback provisions (Section 74 or Section 75) under Customs Act 1962 in the GST regime. Hence, the drawback scheme will continue in terms of both section 74 and section 75. Option of All Industry Rate (AIR) as well as Brand Rate under Section 75 shall also continue.

Drawback under Section 74 will refund Customs duties as well as Integrated Tax and Compensation Cess paid on imported goods which are re-exported.

Under GST regime, Drawback under Section 75 shall be limited to Customs duties on imported inputs and Central Excise duty on items specified in Fourth Schedule to Central Excise Act 1944 (specified petroleum products, tobacco etc.) used as inputs or fuel for captive power generation.

 

Trademark

trademark is a unique symbol or word(s) used to represent a business or its products. … Over time, trademarks become synonymous with a company name, so that you don’t even need to see the name to recognize a particular business.

A trademark (popularly known as brand name) in layman’s language is a visual symbol which may be a word signature, name, device, label, numerals or combination of colours used by one undertaking on goods or services or other articles of commerce to distinguish it from other similar goods or services originating from a different undertaking. The legal requirements to register a trademark under the Act are:

  • The selected mark should be capable of being represented graphically (that is in the paper form).
  • It should be capable of distinguishing the goods or services of one undertaking from those of others.
  • It should be used or proposed to be used mark in relation to goods or services for the purpose of indicating or so as to indicate a connection in the course of trade between the goods or services and some person have the right to use the mark with or without identity of that person.

 

SALIENT FEATURES OF TRADEMARK ACT1999

Providing for registration of trademarks for services. Providing for an appellate board for speedy disposal of appeals. … .Providing enhanced punishments for the offenses related to trademarks. } Increasing the period of registration and renewal from 7 years to 10 years.

SALIENT FEATURES OF TRADEMARK RULES 2017

With effect from 6th March 2017, the new trademark (amendment) rules 2017 came into existence. The intention is to simplify the whole trademark registration process and make it hassle-free and quick. It would, in turn, is expected to expedite the overall process of trademark administration.

E-filing and addition of email as an important part of the address can be seen as an effort to further promote digitization. Along with these some other noteworthy features of the new rules are:

  1. Sound marks are made registrable:
  2. 3D Marks are made registrable:
  3. E-filing is promoted:
  4. Provisions pertaining to Well-known mark
  5. Separate Fees structure for an individual/startup/small enterprise and for others:
  6. Expedited processing of application:
  7. Hearing via Video conferencing:
  8. Number of forms has been cut down to 8 from the existing around 75 forms:
  9. Fees increased drastically:
  10. E-Service of documents:
  11. Reduced Adjournments:

LMPC Certificate

Any importer that imports any pre-packed commodities commodity to distribute or sell, then he needs to apply for the packer / manufacturer registration under rule 27 of the Legal Metrology Packaged Commodities Rules, 2011.

The registration must be applied within 90 days from the date when the import has been commenced.

The compliance of packaging commodity rules has to be done before the goods are imported in India. Under these rules, importer has to ensure that certain mandatory declarations are made on the pre-packed commodities.

Under the packaged commodity rules, certain mandatory declaration like country of origin, manufacturer name and address, importer address, month and year of manufacturing, month and year of import etc. has to be made. The scope of declarations to be made on pre-packed commodity varies from product to product; say declarations to be made on food products will be different from the non-food items.

Importers of pre-packed commodities should obtain the LMPC  Certificate before making any import, as it happens most often that custom authorities tends to stop the clearance of goods for want of LMPC certificate, this creates panic situation for importer.

REQUIREMENT OF LMPC REGISTRATION BY INDIA CUSTOMS TO CLEAR PACKAGED COMMODITIES IN/TO INDIA- UNDER THE METROLOGY PROVISIONS

All pre-packaged commodities imported into India shall confirm to the requirements of the Legal Metrology Act, 2009 and Legal Metrology (Packaged Commodities) Rules, 2011.

Under the Legal Metrology (Packaged Commodities) Rules, 2011, the importer of pre-packaged commodity should be registered under Rule 27. The registration will be done by the Director or controller of Legal Metrology of the State and the registration Fees is INR 500 only however the other incidental expenses are additional.

Wherever the requirements of labeling are given in FSSA (Food Safety & standards Act 2006) in respect of food items, the labeling requirements under FSSA shall prevail over labeling requirements of Legal Metrology. Important sections of legal metrology Act 2009. Every unit of weight or measure shall be in accordance with the metric system based on the international system of units.

LIST OF DOCUMENTS FOR REPAIRER IN WEIGHTS AND MEASURES:

  • Identity proof.
  • Two Passport size.
  • Certificateof Registration of Industry.
  • NOC from Competent Authority.
  • Document proof of Ownership/ Lease Agreement of Premises.
  • Constitution in case of proprietorship / partnership firm.

MANDATORY DOCUMENTS TO BE UPLOADED

  • Licence fortrade / manufacture / Factory / Lal Dora certficate from MCD/NDMC/DDA etc. …
  • Residential Address proof of the proprietors/directors/partners like voter ID card, passport etc.
  • GST/Sales Tax registration.

CONTACT NUMBER

  • Ph No. – 70037 38613

 

 

Indirect taxes

We also offer services with relation to the previous laws like VAT , CST , OCTROI , EXCISE , etc. depending upon the requirements of the business of the client and also help in getting the refund processed under previous law

Note: We had served more than 2000 clients in getting refund under the previous tax laws and still counting.

Consultancy Advisory

ARKCA offers multi disciplinary advisory services to clients in its main areas of practice i.e. taxation and regulatory, audit and assurance and company law. Besides the firm also offers advisory solutions on partnership and LLP laws, societies and trusts laws, exchange control regulations, employee benefit regulations etc.. Our advisory services deliverables are based on gaining an understanding of clients’ query, thorough research on the subject, in-house threadbare discussions on all possible solutions, considering myriad options, application of knowledge and past experience on the issues and providing an informed opinion on the query .

Audit and Assurance

The firm’s foremost objective is to attain and adhere to the highest professional standards. In order to maintain its objective of achieving the highest professional standards, the firm has developed its own practices and procedures which emphasis on quality of work. The Firm has determination of service quality.

A General overview of our Work includes, but not limited to:-

Statutory Audits: High quality Audit and attestation services under statutory acts and regulations which are applicable in Indian regulatory environment. Our audit approach helps an organisation exercise their fiscal and compliance obligations prudently and with circumspection. Our firm’s internal quality standards and Peer review approach in our audit engagements helps us to maintain high standards of statutory auditing services, to enable us to provide a high quality audit service giving an independentview of client’s financial statements and assertions.

Tax Audits : Our endeavor is to reduce the burden of tax and to review that disallowances and deductions if any, under the various requirements of Income Tax Act, 1961 are properly and correctly calculated, so that correct computation of assessable income can be made. Different tax audit services are provided by our Audit Department to our clients upholding the highest standards of auditing & accounting and providing a comprehensive tax audit report based on the statutory & regulatory requirements of the Income Tax Act, 1961

Internal Audits : Our internal audit services focus on identifying and then auditing the strategic risks that can truly impact shareholder value. By thoroughly understanding each client’s business, we convert information into insights to uncover hidden opportunities, which enables us to engineer the improvement of client’s efficiency. The result is improvement in client’s performance and improved decision making process which ultimately leads to strengthening of their business.

Finance and Accounting Services

The finance and accounting processes of businesses are getting complex and challenging with more and more regulatory pronouncements and standards coming into effect. Corporates are outsourcing various finance and accounting processes with a view to streamline respective processes and obtain consistency, uniformity and stronger controls.

We provide

  •  Management Services
    1. Design, implementation and review of accounting manuals
    2. Business Process Outsourcing
      • Book keeping, preparation of final accounts and Income-tax returns (domestic & overseas).
      •  Payroll Services.
      •  Preparation of management accounts and management information systems.
      •  Fixed Assets verification and assistance in completion of records.
  • Performance Optimization
    1. Project & Working Capital Financing
    2. Management Information System

CORPORATE COMPLIANCE

Indian companies are now governed by Companies Act 2013 and company has to comply with various statutory provisions as per different sections of Companies Act 2013. Services offered by us include:

  1. Incorporation of company
  2. Filing of documents with Registrar of Companies
  3. Conducting Statutory Audit at the year end.
  4. Assistance in drafting Director’s Report covering statutory points to be covered.
  5. Assistance covering Annual General Meeting and Statutory Compliance thereof.
  6. Statutory provisions relating to various meetings like Board Meetings, Statutory Meetings, their due dates and documents to be filed with Registrar of Companies.
  7. Consultancy for other different provisions as applicable to company.

KEEPING THE CLIENT INFORMED with the changes is one of the most important services we provide to client so that they keep in pace with the statutory requirement and other compliances from time to time . And in this way we deliver our service at our best and hence the transparency is maintained.

Direct Taxes

We provide Direct tax consultancy with innovative tax efficient strategies form an integral part of viable business decisions helping our clients attain the desired goals. We focus on a result-oriented approach which is flexible and emphasizes delivery and value. It enhances the effect of commercially viable decisions and minimizes the tax burden.

Some of the direct tax services provided by us include: INCOME TAX & WITHHOLDING TAXES

  • Obtaining PAN, TAN
  • Income Tax Planning and IT Return filing for individuals , firms , and corporates.
  • Obtaining Lower Tax Certificate both for Resident and Non Resident assessees.
  • Obtaining Tax Residency Certificate (TRC).
  • E-TDS return filing.
  • Attending scrutiny assessment.
  • Drafting appeals and appearing before the CIT.
  • Conducting Tax Audit and submission of Audit Report.
  • Conducting Transfer Pricing Study and submission of TP Report.
  • Issue of Certification for repatriation of funds from India.
  • Tax planning and tax consultancy for Resident as well as Non Resident assesses.

 

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