​What is Import Export Code ?E

Goods and Services Tax is the new unified, multi-stage and consumption based tax levied on manufacture, sale and consumption of Goods and Services at national level to replace all the existing national and state tax systems like VAT, Service Tax, Excise Duty, etc. It is expected to remove the cascading effect of tax-on-tax which is prevalent presently. It is applicable to you if you are into Manufacturing, Trade, E-commerce or Services.Import Export Code (IEC) is required by a person who's want to start import export business in india. IEC Code is issued by the Director general of foregin trade(DGFT). its a 10 digit code with a lifetime validity. Mostly importers merchant can'nt import any goods without the IEC Code and exporter merchant can'nt avail the benefits from the DGFT Department for the export scheme etc. Import Export Code is requried in following situation : a) When importers have to clear the shipments from the customs then it's required by the customs. b) When importers send the money to abroad via banks then it's required by the banks through SWIFT Code. c) When exporters have to send the shipments then its required by the customs port. d) When exporters received the money in foregin currency directly into the bank then its needed by the banks. Import Export Code Registration Package

Import Export Code Registration Package

MyOnlineCA offers a awesome IEC Code Registration Package :

  • Drafting of the Documents for the IEC Code Registration.
  • Preparation of the Digital Signature of the applicant.
  • of the Application.
  • Processing of the application.
  • 10+ Premium Legal Agreement templates for your business.

Advantages of GST


SIMPLICITY IN TAX PAYMENT

  • Currently, a startup spends a lot of time and energy to manage the various taxes at various points. It has to deal with VAT, Excise Duty, Service Tax, Octroi, Entry Tax etc. After GST, only one unified tax rate will be applicable. This brings in a major advantage to startup businesses by simplifying the process of tax payment.


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EXEMPTIONS TO NEW BUSINESS

  • Earlier, any business that dealt with goods liable to pay VAT was required to get registration under the VAT act if the turnover crossed Rs. 5 Lakhs. As per the new GST, the limit shall be Rs. 10 lakhs which is a very good thing for startups. Also, businesses with turnover between Rs 10 and 50 lakh are expected to be taxed at a lower rate.

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IMPLEMENTATION OF BUSINESS

  • Any new business needs to have a VAT registration from sales tax department. A business may have to follow unnecessary cumbersome process of registration which may be different in different States. GST will bring about uniformity in process of registration and will only require a centralized registration that will make starting business much simpler.
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SIMPLICITY IN TAX CALCULATION

  • There are many businesses that require the payment of not only Service Tax but also VAT. This makes the calculation for tax very complex. By implementation of GST, only one tax will be required to be calculated and paid. This will make the tax calculation easier.




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