If you're a business owner in India, then you'll need to modify your import export code every 12 months. If you want to know what this process looks like and how to do it, this article has the answers that you're looking for!
What Is Import Export Code?
Import Export Code (IEC) is a unique classification code assigned to all foreign trade transactions. The IEC facilitates a speedy and accurate clearance of goods through customs, promoting economic growth and competitiveness in the global economy. The code is also used to identify the nature and value of goods imported and exported.
To modify an import export code, you must visit your nearest authorised customs office or contact the Bureau of Customs on their website, where you can submit a request for modification. You will need to provide pertinent information such as the new code, description of goods, value and destination country.
Why Is There a Need for Modification of Import Export Codes in India?
There is a need to modify import-export codes in India for various reasons. Some of the reasons include:
- Changes in the international trade regime, including the WTO and other multilateral agreements;
- The increase in bilateral and regional trade;
- The growth of small and medium enterprises (SMEs) and their impact on trade;
- The increasing use of barter, countertrade and direct investment;
- The growth of information technology (IT) in business activities, including foreign trade.
- The need to harmonise national customs laws with those of other countries.
How to Modify the Import Export Code
If you are looking to modify the import export code (IEC) for your own business, there are a few steps that you need to take. The first step is to determine the current import/export code for your specific industry. Once you have this information, you can use a code modification form to start the process of modifying the code.
Here are a few tips on how to complete a code modification form:
- Begin by listing all the products you export or import and their respective codes.
- Next, list all the products you plan to export or import and their respective codes.
- Specify the quantity and value of each product.
- Indicate whether you would like to keep any tariffs in place.
- Sign and date the form.
Where Can I Get an Import Export Code Modification Form?
If you need an Import Export Code modification form, you can find one online or in some government offices.
Who Can File an Import Export Code Modification Form?
Anyone who wants to modify their import export code can do so. The form is available on the Indian government website and must be filed with the appropriate authority.
What Does the Form Look Like?
The import export code modification form in India is a necessary document to update an item’s import-export code. The form can change an item’s tariff classification, value, or both. The form must be signed by the exporting company’s authorised representative and submitted to the appropriate authorities within India.
Is There a Fee for Changing an Indian Import Export Code?
Yes, there is a fee for changing an Indian Import Export Code. The cost of changing an IEC code is generally ₹ 1,500, and it can change depending on your jurisdiction.
How to Get an Import Export Code
You must obtain an import export code if you are an entrepreneur looking to start exporting your products or services. There are a few ways to obtain an import-export code, but the most common way is through the Indian customs authorities. To get started, you will first need to obtain a TradeMark Registration certificate from the trade mark office of India. Once you have this certificate, you can apply for an Import Export Code from the Indian customs authorities.
The process of obtaining an import export code is fairly easy and can be completed in a short span with the right connections, such as the Vakilsearch team. Once you have obtained your code, you can start exporting your products and services to international markets.
Types of Import Export Code Modification in India
An importer or exporter can do various types of code modification to improve the efficiency and legitimacy of their shipment. These modifications can include but are not limited to correcting typographical errors, making necessary changes to the description of the goods, and adding additional information about the product.
Generally speaking, code modification is a fairly simple process that can be completed relatively quickly and without hassle. By correctly completing the appropriate forms and filing them with the relevant authorities, an importer or exporter can greatly improve the chances of successfully completing their transaction.
Check Here to More about: https://www.dgft.gov.in/CP/?opt=iec-profile-management
What if the Changes Are Not Updated in the Import Export Code Certificate
If modifications are not updated in the Import Export Code certificate, it becomes difficult for the exporters to ascertain the correct tariff code to apply for their imported goods. This can lead to unnecessary delays in the customs clearance process and may also impact the final prices of exported products. Exporters need to keep track of all modifications made to the Import Export Code certificate to ensure that their shipments are correctly classified and receive the appropriate tariff code.
Documents Required for the Amendment
The following is a list of such documents:
- A copy of the business registration certificate
- A copy of the company’s Memorandum and Articles of Association
- The company’s export sales licence
- A copy of the company’s trademark, if it has any
- A copy of the company’s letter from the Tax Authority (if applicable) regarding approval to commence business as an importer/exporter
- A declaration that all information in the application is correct
We hope this article has provided you with all the information you need to modify your import or export code. If there is anything else that we can help you with, please do not hesitate to contact us. Thank you for taking the time to read our article, and we look forward to hearing from you soon on the Import Export Code registration.
- Import/Export Document Requirements In India
- IEC Code for the Export of Services
- IEC Code Renewal Process
- Find the IEC Code by Company Name