Importer-Exporter Code (IEC)
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Importer-Exporter Code (IEC)
A private limited company is a company that is privately held for small businesses. The liability of members of a private limited company is limited to the amount of shares respectively held by them. People in a private limited company cannot be traded.The Importer-Exporter Code (IEC) is a key business identification number that is mandatory for export or import. No person shall import or export except the IEC number given by DGFT.
IEC Registration Process
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GST Registration FAQs
Yes, you are required to obtain GST registration once your turnover exceeds the specified threshold limits.
If a business operates from more than one state, the taxpayer should obtain a separate GST registration for each state. For instance, If an automobile company sells in Karnataka and Tamil Nadu, he has to apply for separate GST registration in Karnataka and Tamilnadu respectively.
Small taxpayers who wish to have lesser compliances to deal with and lower rates of taxes under GST, can opt for the Composition scheme,
A trader whose aggregate turnover is below Rs 1.5 crore can opt for the Composition scheme. In the case of North-Eastern states and Himachal Pradesh, the present limit is Rs.75 lakh. Click here to know all about the Composition scheme.
Also, the government extended the Composition scheme to service providers having an aggregate turnover of up to Rs.50 lakhs. Click here to go through the Composition scheme for service providers.
