Introduction Article 265 of Indian Constitution provides that ‘no tax shall be levied or collected except by authority of law’. Entry No. 83 of List 1 to Schedule VII of the Constitution empowers the Union Government to legislate and collect duties on import and exports. By virtue of this provision, the Customs Act, 1962 was…
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Important Facts to Know About Importer-Exporter Code (IEC) Number
The system of import and export in India is governed by India’s Export Import (EXIM) Policy formulated by the Ministry of Commerce. Generally, free Import and export of all goods are permitted. The permitted or excepted category of goods are regulated by the EXIM Policy or any other law for the time being in force….
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