Here are five frequently asked questions (FAQs) related to import-export business in India:

1. Is it necessary to obtain Import Export Code (IEC) for Import of goods?
   • Yes, obtaining an IEC code is necessary for import. However, certain categories of importers are exempted from obtaining an IEC. You can find details about these exemptions in the Handbook of Procedure, Vol.- I on the DGFT website¹.
2. Is there a separate code required for Import and Export?
   • No, there is no separate code required for import and export. The same IEC can be used for both purposes. It’s a common misconception that separate codes are needed, but in reality, only one registration is mandatory for both importing and exporting. Obtaining an IEC code offers several benefits for businesses¹.
3. Is there a need to obtain IEC code for import or export of goods for personal use?
   • IEC code is not required for importing or exporting goods for personal use. It is mandatory only for commercial purposes and business transactions. You can freely import or export goods for personal use without any registration requirement¹.
4. What is a ‘Restricted Item’ and where are they listed?
   • Restricted items are goods that can be imported only with specific permission, license, or authorization. These items are subject to procedures prescribed in public notices or notifications. If you plan to import such items, ensure compliance with the necessary regulations¹.
5. What is ITC (HS) Code? How do I find the HS code for a product?
   • The ITC (HS) Code (also known as the Harmonized System code) is an international classification system for traded products. It helps identify the category of goods during import-export transactions. You can find the appropriate HS code for your product by referring to official resources or consulting experts in the field¹.

Remember that venturing into the import-export industry requires understanding legal requirements, market research, and networking with potential buyers and partners abroad. If you’re considering starting an import-export business, thorough knowledge and compliance with regulations are essential for success.Send us a Message to discuss Business Opportunities