Globalisation has helped expand the market reach of companies. As a result, Indian businesses can now export their products to foreign shores and improve their sales. The Import Export Code serves as a permit for Indian businesses to expand into new markets.
Starting your import/export business can be exciting. However, it requires careful planning and the execution of necessary documentation and licenses. The Import Export Code is a necessary document that allows companies to explore new markets. Here’s a look at everything you need to know about IEC Certificate download and Print IEC online, or Import Export Code.
Vakilsearch’s primary aim is to simplify business solutions across borders to help companies achieve their organisational goals and objectives. So, our team provides detailed procedures on starting businesses to help entrepreneurs leverage the global markets.
The DGFT requires businesses to link or register their IECs in the new revamped DGFT Online environment. Companies may use the Aadhaar e-sign of their proprietors/directors/partners/Karta as mentioned on their import export code for the Aadhaar-based authentication.
What Is an IEC?
Until the year 2017, the Import Export Code used to be a ten-digit number issued by the Director-General of Foreign Trade. Every company engaging in foreign trade must obtain an IEC. The Goods and Services Act came into force in 2017 to simplify business procedures for taxation purposes. In line with this goal, the government amended the foreign trade policy. The change helped make the Goods and Services Tax Identification Number (GSTIN) the IEC. Through this amendment, the IEC code became based on the tax registration numbers of the business.
However, there are practical difficulties in allowing the use of only GSTIN as the IEC. Since all businesses don’t need to obtain a GSTIN until they cross the required turnover threshold, using only that as a parameter can prove to be troublesome. Thus, the Director-General of Foreign Trade (DGFT) allowed the use of the entity’s PAN as an IEC. Thus, the IEC issued by the DGFT resembles the PAN of the entity.
The DGFT, in line with its announcement regarding using PAN as IEC, has begun to make the necessary amendments. They are updating their system to ensure existing entities also get their IECs and PANs matched.
Why Does Your Business Need an Import Export Code?
According to the Foreign Trade (Development & Regulation) Act, 1992 no person or business can make any import or export without an IEC. The DGFT is responsible for issuing these numbers to registered business owners. Hence, this is a prerequisite for any company planning to sell in a foreign market. Businesses must quote this number on their consignments as the port authorities, domestic agencies, customs office, and other courier companies use the import-export code to process applications.
This code helps in tracing the authenticity and identity of a business owner. Even if you’re sending your business samples to a potential buyer in small quantities, it may still count as a commercial shipment. Since this involves an economic transaction taking place through international ports, the government and foreign trade bodies will need a valid IEC.
How to Print IEC Online Through the Portal
The procedure for IEC print online is fairly simple.
- Log onto the DGFT’s official website through this link, and click on the ‘Services’ tab from the homepage Check Here to More about: https://www.dgft.gov.in/CP/
- From the drop-down menu on ‘Services’, choose the ‘IEC Profile Management’ option. If you aren’t already logged in, you can also choose to directly reach this page using this link
- On this page, you can see several options such as ‘Prerequisites’ and ‘Processes in IEC’. Scroll down until you see the ‘Print IEC’ option and click on it
- Log in using your registered email address and password. If you do not have an existing profile, create one by filling in the required details, such as your mobile number, pin code, district, state and city. Opt for the ‘Importer/Exporter’ choice in the drop-down menu on the new user creation portal
- After logging in, click on the ‘Manage IEC’ tab and verify your business details, such as the PAN number and firm name
- Lastly, click on the ‘Print’ option displayed on this page to save your IEC certificate in a PDF format and print it later.
In case your PAN undergoes modifications, you can request the regional authority in your area to process the amendment in your IEC accordingly. After processing, the authorities will update your IEC, following which you can print it. The firm name displayed in the IEC certificate corresponds to the details submitted by you to the Ministry of Commerce. Thus, a private company, a public company, or a one-person company cannot change the firm name displayed in the IEC. Any typographical errors can undergo corrections, but to effect a name change, the organisation will have to approach the Registrar of Companies.
Vakilsearch offers a comprehensive IEC package that enables businesses to register with the DGFT and Obtain an IEC with ease. Feel free to reach out to our representatives for expert guidance and support with registration and compliance measures.
