IEC stands for Import Export Code.
The IEC is a mandatory requirement for anyone engaged in cross-border trade, including manufacturers, traders, service providers, and e-commerce platforms. It acts as a key document for tracking international trade transactions and is used by customs authorities to monitor imports and exports.
Obtaining an IEC offers several benefits to businesses. It enables smooth customs clearance by providing a standardized identification number that is recognized by customs authorities. It also facilitates availing of benefits under various government schemes, such as duty drawback, export promotions, and incentives. Additionally, having an IEC opens up opportunities for businesses to expand globally and engage in international trade.
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