Assistance in obtaining Importer Exporter Code Number
What is IEC Code and why it is required?
IEC code means Import Export Code. As per the Foreign Trade Policy (FTP) in India, every importer and exporter is required to get IEC code to start Import Export from India. Without IEC code, no importer and exporter are authorised to do import export business.
IEC is a registration required for persons importing or exporting goods and services from India. IEC is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
The DGFT has provided online filing facility for obtaining IEC and other authorizations. Form ANF 2A requires basic details of the business and its proprietors, partners or directors (as applicable), bank account details and a bank certificate (where the business has an account) stating the period for which the business has an account with the bank.
Assistance in obtaining MEIS or SEIS
The Government aims to increase export under the new five-year Foreign Trade Policy (FTP). It is for this reason that the Government has introduced schemes like MEIS (Merchandise Export Incentive Scheme) and SEIS (Service Export from India Scheme). The schemes are aimed to offset infrastructural inefficiencies and associated costs involved in export of goods and services.
The Merchandise Export from India Scheme (MEIS) is a newly launched scheme in the FTP 2015-2020. This new scheme replaces the 5 similar incentive schemes available earlier under FTP 2009-2014. Under the MEIS Scheme, certain rewards and incentives are given to the exporters. Such incentives are given to exporters at a specified rate.
In GST regime, the MEIS scrip can be used only for payment of Basic Customs Duty. However, in erstwhile regime scrips can be used for the payment of excise duty, custom duty and service tax. MEIS scrips are freely transferable in the market.
The incentive and rewards are given under this scheme varies from product to product and from country to country.
RSA Legal Solutions will assist you in filing your MEIS application and complying with all the other requirements to get MEIS license and avail all scheme related benefits.
The SEIS Scheme i.e. “Service Export from India Scheme” which was introduced under the Foreign Trade Policy 2015-2020 to provide incentives to exporters of notified services. Under this scheme, service providers of notified services will be eligible for rewards in the form of ‘Duty Credit Scrips’.
RSA Legal Solutions will help you in evaluating the applicability of SEIS Scheme to the business operations and also assist you in obtaining SEIS from the department.
The exporters are entitled for import of new capital goods under this scheme without payment of custom duties. The exporter can also purchase domestic capital goods under this scheme by obtaining Invalidation letter. The exporter is required to achieve pre-defined level of export which is generally specified in “number of time of duty saved by the exporter”.
We have in-house EPCG scheme experts who will assist you in receiving these benefits for your business.
Duty exemption schemes enable duty free import of inputs required for export production. An Advance Licence is issued as a duty exemption scheme.
An Advance Licence is issued to allow duty free import of inputs, which are physically incorporated in the export product (making normal allowance for wastage). In addition, fuel, oil, energy, catalysts etc. which are consumed in the course of their use to obtain the export product, may also be allowed under the scheme.
Advance Authorisation and / or materials imported thereunder will be with actual user condition.It will not be transferable even after completion of export obligation. However, Authorisation holder will have option to dispose off product manufactured out of duty free inputs once export obligation is completed.
Other DGFT related compliances
RSA Legal Solutions being experts in the field of Indirect Tax law will assist you in any other indirect tax, especially DGFT related compliances.