Importer Exporter Code is a requirement to all businesses which are involved in import and export of goods.
You will not be able to import or export if you do not have this code. You don't have to be a registered entity to apply for this.Even an individual can apply for this. It does not apply to technology and services.The IEC is a 10-digit code with validity of lifetime. It is issued by the Directorate General of Foreign Trade.
After issuing the IEC once,it is valid nationwide in all your branches or factories. You have to quote it when your goods go through customs and when you are sending money abroad or receiving money from abroad.
You don't have to file or pay any taxes for the transactions which are done using IEC code .