In light of current economic issues due to the COVID-19 pandemic, many industries are facing a downfall. However, the government has introduced certain schemes to help keep these industries stable to facilitate the recovery phase.
We all know how to sign as we have to sign documents for almost everything, every written process requires signature such as if we want to open a bank account, need some certificate or take admission anywhere, we need to sign the required documents as it verifies our identity. So, what is this digital signature we are talking about? Let's see.
Starting a business in India requires diverse requirements to be met. This will vary from obtaining government approval to organize funds to have the necessary licenses to operate. If you plan to start an import, export business in India, then you must first get the import-export license or license to import or export from the government of India. Registration plays an important part in ensuring this.
The Goods and Service Tax (GST) is an indirect pay tax levied on the supply of goods and services dependent on destinations. It is replaced by a lot of indirect taxes like VAT, service tax, CST, excise duty, etc. The Government enacted the CGST Act with effect from 1 July 2017, to introduce GST as a comprehensive indirect tax.
Import Export Code (IEC) is a 10 digit identification number that is given by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India. It can also be called the Importer Exporter Code. It is compulsory for businesses to have this code to begin with a business that involves import and export in the country. It is not possible to work in the export or import business without having this code.