If one wants to import or export goods from India, one will need an Import Export Code, which is a unique identification number. This article explores the ins and outs of submitting an IEC application, registering it, making changes, and establishing a relationship with DGFT.
What exactly is an IEC code?
The Government of India’s Ministry of Commerce and Industry’s Directorate General of Foreign Trade (DGFT) assigns a unique 10-digit number called an Import Export Code to every international shipment. Importers and exporters need this number to effectively conduct their operations in international trade.
Why do we need an IEC if we already have a standard?
One of the most important things to do before launching an import-export business is to get an IEC. Some of the advantages are as follows.
- Facilitates starting a new company: Both registered and unregistered businesses must submit IEC applications via the DGFT website. You should have your IEC in 10 business days if all your paperwork is correct. If your company is GST-registered, its GSTIN could replace IEC.
- Gaining Eligibility for Government Programs: Those possessing an IEC can participate in the government’s export incentive programs, including MEIS and RoSCTL. Exporters can avoid GST (LUT) by submitting a Letter of Undertaking.
- Financial deals around the world that are within the law: Getting an IEC makes conducting business in other countries completely legitimate and hassle-free. To top it all off, possessing this code certifies you as a legitimate importer or exporter. It lessens smuggling across borders without proper documentation.
IEC Registration Procedures
Any business, whether a sole proprietorship, partnership, limited liability company, or nonprofit, must register for an Import Export Code. Registration with the IEC necessitates the submission of certain documents, including but not limited to the following:
- Adhar card (as address proof)
- A cancelled bank cheque.
- Verification in Business (GST registration or incorporation certificate)
- Certification of Digital Signature (DSC)
Here is the detailed procedure:
- Visit the DGFT online portal.
One must first visit the DGFT website to apply for IEC. If you go to the site’s front page, you’ll discover links to the DGFT’s most recent announcements and other export-related news. To access the IEC, go to the “Services” section of the main menu and select “IEC” from the submenu that appears. - Fill out your PAN information.
To apply for an IEC online, select that option and input your PAN number. After you’ve entered your PAN information, you’ll be able to add your phone number and email address. To get the token, you’ll need to enter the CAPTCHA code. - Submit your application.
Type in the OTP sent to your phone and email address. Follow this by filling out the application form to the best of your ability. It will then request your business and partnership information. - Put files online
Submit a bank certificate or cancelled check to prove your identity and address. Choose a file type and scan and submit the requested documents. A payment form should open next. After entering the amount and clicking submit, payment choices appear. Choose one and continue to make the payment. - Review and send in
After completing the processes, you can preview and print your application. In case of a mismatch, make changes. After reviewing and accepting your application, the DGFT will provide you with an Import Export Code.
IEC download instructions
Sign in to the DGFT website to retrieve your IEC certification. IEC Profile Management can be accessed by clicking the “Services” menu item. Choose ‘Print IEC’ after clicking ‘My IEC’ at the bottom of the page. To print your IEC certificate, you must first download it in PDF format.
IEC Revision and Renewal Process
Between April and June, renew your IEC. If the holder doesn’t renew the license, it could be revoked. Logging into the DGFT website requires your IEC code. Select “Update/Modify IEC” to start a new application. Please edit and submit.
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FAQs
- What changes can you make to your IEC?
In addition to registering with the IEC, all firm information must be kept current. Inspectors will find inconsistencies if the exporter or importer doesn’t report changes. Keeping your PAN, directors, partners, and other recent changes will make exporting easy.
- What is the procedure for terminating IEC?
IEC holders can request cancellation on the DGFT website. Please send the required documents to complete the ‘Surrender IEC’ application. Your IEC license and authority to export or import will be revoked once approved.
- How do we connect IEC to GST and DGFT?
Every year between April and June, all IEC holders must verify their information on the DGFT website. To do so, visit the DGFT homepage and select “Link IEC.” To verify your identity, please enter the OTP sent to your phone.
