In India, there isn’t a specific certification required for import-export services. However, engaging in import-export activities typically Certificates Required for Import-Export Services in India 2024 are:-
1) Import Export Code (IEC)
An Importer-Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import can be made by any person without obtaining an IEC unless specifically exempted. For services exports, however, IEC shall not be necessary except when the service provider is taking benefits under the Foreign Trade Policy.
Consequent to the introduction of GST, IEC being issued is the same as the PAN of the firm. However, the IEC will still be separately issued by DGFT based on an application. The nature of the firm obtaining an IEC may be any of the following- Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, Society.
Obtaining an Import Export Code (IEC) from the Directorate General of Foreign Trade (DGFT) is mandatory for any person or business involved in importing or exporting goods and services from India. This code acts as a unique identifier and is required for customs clearance. IEC is the main Certificate Required for Import-Export Business.
2) GST REGISTRATION
GST registration is mandatory for taxable persons under GST. In most states, businesses having an annual aggregate turnover of more than Rs.40 lakh (In some states, Rs.20 lakh) should mandatorily obtain GST registration. In addition to the turnover criteria, other conditions have also been specified by the GST Council. However, all importers should mandatorily obtain GST registration, the individual requires GSTIN for clearing goods from the Customs Department. In this article, let us look at GST registration for importers in detail.
3) Sector-specific Regulations
Some sectors may have additional regulatory requirements. For instance, pharmaceuticals, food products, and chemicals may have specific regulations governing their import and export.
Every industry have a governing body, in place to ensure a certain standard of quality and performance is met or exceeded. These industry-specific regulations tend to be more stringent than general regulatory responsibilities and have to be adhered to in the same way.
4) DIGITAL SIGNATURE REGISTRATION
Digital Signature Certificates (DSC) are the digital equivalent (that is electronic format) of physical or paper certificates. A few Examples of physical certificates are driver’s licenses, passports, or membership cards. Certificates serve as proof of identity of an individual for a certain purpose; for example, a driver’s license identifies someone who can legally drive in a particular country. Likewise, a digital certificate is present electronically to prove one’s identity, to access information or services on the Internet, or to sign certain documents digitally.