Export Registration Formalities

Export Registration Formalities

1. (a) Registration of Organisation: Exporters have to register the types of organisation selected by them under the appropriate Act of the country for undertaking their export operations,

2. b) Opening Bank Account: Exporters are required to open a current account in the name of their firms or companies with a commercial bank which is authorised by the Reserve Bank of India

3. Importer Exporter Code (IEC) number issued by the Direct General for Foreign Trade (DGFT). The application form for obtaining IEC number should be accompanied by fee of Rs. 1000.

4. (d) Obtaining Permanent Account Number (PAN): Export income is subject to a number of exemptions and deductions under different sections of the Income Tax Act.

5. (e) Registration with GST: Goods manufactured for export purpose as well as those purchased from local market for export purpose.

6. (f) Registration with Export Promotion Council (EPC): It is obligatory for every exporter to register with appropriate Export Promotion Council (EPC) and obtain the Registration-cum-Membership Certificate' (RCMC). At present, there are 21 EPCs dealing with various commodities.

7. (g) Registration with Export Credit and Guarantee Corporation of India (ECGC): In order to protect themselves against risks it is necessary for exporters to get themselves registered with the ECGC.

8. (h) Registration with other Authorities: Exporters are also required to register with a number of other authorities and institutions such as: Federation of Indian Export Organisation (FIFO), Indian Trade Promotion Organisation (ITPO), Chambers of Commerce (COC), Productivity Councils, etc.

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