IEC Modification Online | IEC Amendment

Last Updated at: April 16, 2020
203
IEC Modification Online

 

  1. What is an Import Export Code?

2. What is the necessity of IEC Modification?

3. What is the IEC modification online procedure?

4. What are the documents required for the modification of IEC?

5. What are the features of IEC modification?

6. Benefits of IEC

Import Export Code (IEC) is a 10-digit identification number that is issued by the Director-General Of Foreign Trade, Department of Commerce, under the Government of India. It is also known as Importer Exporter Code. Every company and business person must obtain the code to establish a business that deals with import and export within the Indian territory. Without this code, the import-export business would not be possible. 

Conducting business internationally is not a cup of tea. Before going global, one needs to follow various procedures and laws to get different registrations and licenses. The IEC code is one such prerequisite to start a business of importing and exporting. There are specific processes and conditions one needs to fulfill to obtain the import-export code. Also, there are certain conditions that you need to adhere to. we can see the IEC code from the DGFT offices. 

The necessity of IEC modification

It is essential to update every data of a company. That is, branch details, activity status like manufacture or merchant in the Import Export Code. If not done so, then there will be consequences during the import-export process due to the mismatch details in DGFT and customs. Almost everything is able to make modification IEC. Such as adding branch details, address change, change in PAN card number, a director change, deletion or addition of a partner, and so on.

IEC modification online procedure

The IEC modification online procedure includes the following steps.

Procuring the documents

This stage will clear all your doubts regarding the modification of the import-export code. All you have to do is collect the necessary pieces of information and required documents for the drafting of the application.

Filing of application

Your application will be drafted within a working day, based on the documents and information provided and will be sent to you for confirmation. After the approval, they will go further with the final submission of the application.

IEC modification charges

As a result, no amount of fee is applicable if the application is in process within 90 days. However, the IEC modification charges required is Rs. 200.

Modified IEC certificate

After the final application on the DGFT portal is complete, you will receive a soft copy of the changes in import-export code through email within the next 2 to 5 working days.

Documents required for modification of IEC

  • PAN card of the individual or company
  • current/savings account cancellation cheque
  • Passport size photo
  • ANF – 2A application form
  • Aadhar card of all the partners and directors
  • Class 2 or class 3 digital signature.

Features of IEC modification

Error-free import-export

If you modify the details in import-export code, all the data gets updated in the government authorities like DGFT and customs. If the details in IEC are incorrect, then there might be some kind of trouble during the export and import process. 

Validity of IEC

The Import Export Code has permanent validity. Likewise, this means that there is no need for the renewal of the IEC certificate. However, if there is any case in the office address, partners or any other thing, we can use the same IEC code after its modification.

Incentives

Initially, the Export and import are essential for the economy of any country as it brings valuable foreign exchange into the country. Therefore, the government has put forward many incentive schemes to motivate the exporters, under which exporters can get a refund of approx 5% of the invoice value. 

 Get Import-export code now

Benefits of IEC

Businesspersons have great options through export and import business. This is to unlock the international market for their service or products they involve in. Moreover, the import-export code is the main requirement to enter into the international market, which supports the development and growth of a business to a certain standard. There are many advantages or benefits of the IEC, which are as follows.

  • Global market reach

As already known, the IEC is a primary requirement for importing and exporting goods. Subsequently, the specified services enable businesses to unlock opportunities across the globe in the international business market. It also increases the global reach of the business and hence, opens the door for growth and expansion of a business.

  • Benefits of schemes

IEC code has great benefits for the importers as well as exporters. The registered business entities can avail benefits in the form of subsidies or otherwise declared by the customs, export promotion council or other authorities. After filing LUT under GST, the exporters can export without payment of taxes. However, if the exports are made with the payment of taxes, the exporter can claim the refunds of the amount paid as tax.

  • No compliance and annual maintenance

Unlike the other tax registrations, the importer or exporter does not need to fulfill any specific compliance requirements such as annual filings or return filings. Additionally, the IEC code does not require any compliance after the registration. As there is no compliance listed, there is no requisite of annual maintenance fee to be paid after acquiring the code. 

  • Easy processing

Initially, the IEC is easy to obtain from the DGFT within 10-15 days after the report of the application. Moreover, there is no need to provide any proof of export and import for getting an import-export code.

  • Legally clean

Obtaining the IEC is the license for exporting and importing goods and services for other business purposes. Similarly, it is a chief legal license that has the cross border transactions legal and easy.

  • Reduces the risk of illegal transportation

The import-export code helps in eradicating illegal transportation or illicit imports and exports. The centralized registration helps the officials to supervise and better administer the transaction which is undertaken as a part of cross border business. 

Thus, obtaining the IEC is obligatory before commencing the business of import and export as the goods cannot be transported unless one has attained the code. Moreover, the applicant who engages in import-export should get the registration under GST as per the law.

 

0

IEC Modification Online | IEC Amendment

203

 

  1. What is an Import Export Code?

2. What is the necessity of IEC Modification?

3. What is the IEC modification online procedure?

4. What are the documents required for the modification of IEC?

5. What are the features of IEC modification?

6. Benefits of IEC

Import Export Code (IEC) is a 10-digit identification number that is issued by the Director-General Of Foreign Trade, Department of Commerce, under the Government of India. It is also known as Importer Exporter Code. Every company and business person must obtain the code to establish a business that deals with import and export within the Indian territory. Without this code, the import-export business would not be possible. 

Conducting business internationally is not a cup of tea. Before going global, one needs to follow various procedures and laws to get different registrations and licenses. The IEC code is one such prerequisite to start a business of importing and exporting. There are specific processes and conditions one needs to fulfill to obtain the import-export code. Also, there are certain conditions that you need to adhere to. we can see the IEC code from the DGFT offices. 

The necessity of IEC modification

It is essential to update every data of a company. That is, branch details, activity status like manufacture or merchant in the Import Export Code. If not done so, then there will be consequences during the import-export process due to the mismatch details in DGFT and customs. Almost everything is able to make modification IEC. Such as adding branch details, address change, change in PAN card number, a director change, deletion or addition of a partner, and so on.

IEC modification online procedure

The IEC modification online procedure includes the following steps.

Procuring the documents

This stage will clear all your doubts regarding the modification of the import-export code. All you have to do is collect the necessary pieces of information and required documents for the drafting of the application.

Filing of application

Your application will be drafted within a working day, based on the documents and information provided and will be sent to you for confirmation. After the approval, they will go further with the final submission of the application.

IEC modification charges

As a result, no amount of fee is applicable if the application is in process within 90 days. However, the IEC modification charges required is Rs. 200.

Modified IEC certificate

After the final application on the DGFT portal is complete, you will receive a soft copy of the changes in import-export code through email within the next 2 to 5 working days.

Documents required for modification of IEC

  • PAN card of the individual or company
  • current/savings account cancellation cheque
  • Passport size photo
  • ANF – 2A application form
  • Aadhar card of all the partners and directors
  • Class 2 or class 3 digital signature.

Features of IEC modification

Error-free import-export

If you modify the details in import-export code, all the data gets updated in the government authorities like DGFT and customs. If the details in IEC are incorrect, then there might be some kind of trouble during the export and import process. 

Validity of IEC

The Import Export Code has permanent validity. Likewise, this means that there is no need for the renewal of the IEC certificate. However, if there is any case in the office address, partners or any other thing, we can use the same IEC code after its modification.

Incentives

Initially, the Export and import are essential for the economy of any country as it brings valuable foreign exchange into the country. Therefore, the government has put forward many incentive schemes to motivate the exporters, under which exporters can get a refund of approx 5% of the invoice value. 

 Get Import-export code now

Benefits of IEC

Businesspersons have great options through export and import business. This is to unlock the international market for their service or products they involve in. Moreover, the import-export code is the main requirement to enter into the international market, which supports the development and growth of a business to a certain standard. There are many advantages or benefits of the IEC, which are as follows.

  • Global market reach

As already known, the IEC is a primary requirement for importing and exporting goods. Subsequently, the specified services enable businesses to unlock opportunities across the globe in the international business market. It also increases the global reach of the business and hence, opens the door for growth and expansion of a business.

  • Benefits of schemes

IEC code has great benefits for the importers as well as exporters. The registered business entities can avail benefits in the form of subsidies or otherwise declared by the customs, export promotion council or other authorities. After filing LUT under GST, the exporters can export without payment of taxes. However, if the exports are made with the payment of taxes, the exporter can claim the refunds of the amount paid as tax.

  • No compliance and annual maintenance

Unlike the other tax registrations, the importer or exporter does not need to fulfill any specific compliance requirements such as annual filings or return filings. Additionally, the IEC code does not require any compliance after the registration. As there is no compliance listed, there is no requisite of annual maintenance fee to be paid after acquiring the code. 

  • Easy processing

Initially, the IEC is easy to obtain from the DGFT within 10-15 days after the report of the application. Moreover, there is no need to provide any proof of export and import for getting an import-export code.

  • Legally clean

Obtaining the IEC is the license for exporting and importing goods and services for other business purposes. Similarly, it is a chief legal license that has the cross border transactions legal and easy.

  • Reduces the risk of illegal transportation

The import-export code helps in eradicating illegal transportation or illicit imports and exports. The centralized registration helps the officials to supervise and better administer the transaction which is undertaken as a part of cross border business. 

Thus, obtaining the IEC is obligatory before commencing the business of import and export as the goods cannot be transported unless one has attained the code. Moreover, the applicant who engages in import-export should get the registration under GST as per the law.

 

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