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What is IEC?


The IEC is essentially a registration code that allows businesses to legally engage in international trade. Without it, no import or export transaction can be processed. It serves as the business's unique identity when it comes to international transactions, helping streamline the logistics and regulatory compliance for cross-border operations.


Who Needs an IEC?


• Individuals, Partnerships, and Companies: Any person or entity involved in importing or exporting goods or services is required to obtain an IEC.

• Exporters: Businesses that wish to claim export incentives, such as tax benefits or rebates, need to register for an IEC.

• Importers: Those who bring goods or services into India also require an IEC for clearing goods through customs.





How to Obtain an IEC?

Obtaining an IEC involves a simple online application process through the DGFT’s official website. The steps are as follows:

1. Create a DGFT account: Access the DGFT website and create an account.

2. Apply for IEC: Log in to the DGFT portal and complete the IEC application form with details about the business, including its nature, PAN number, and bank account details.

3. Submit Documents: Submit necessary documents such as the PAN card, proof of business address, a Digital Signature Certificate (DSC), and bank details.

4. Verification and Approval: The DGFT verifies the application, and if all details are correct, the IEC is issued.

5. Receive IEC: After successful verification, the IEC is sent to the applicant's registered email.

The entire process is typically completed within 10-15 working days, and the IEC remains valid for the lifetime of the business unless it is surrendered.

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Documents Required for IEC Registration

Some of the documents required for IEC registration are:

  • PAN Card: A valid PAN card of the individual or business entity applying for the IEC.
  • Aadhaar Card: The Aadhaar card of the applicant, where required, to verify the identity.
  • Proof of Business Address: Utility bills, rent agreements, or sale deeds confirming the business's physical address.
  • Bank Account Details: A copy of the bank statement or passbook detailing the business’s bank account.
  • Digital Signature Certificate (DSC): Used to sign and authenticate the application.

Benefits of IEC Registration

• Facilitates International Trade: The IEC is a must-have for businesses engaged in international trade. It simplifies the import/export process by giving businesses a legal identity.

• Tax Benefits and Export Incentives: IEC holders can avail various export incentives, such as tax rebates and exemptions, under Indian export policy.

• Streamlined Customs Clearance: With an IEC, businesses can easily clear their goods through customs when importing or exporting.

• Access to Government Schemes: IEC holders may be eligible for various government schemes aimed at promoting exports.

• Lifetime Validity: Once obtained, the IEC does not require renewal, making it a long-term solution for businesses.

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Linking IEC with Other Authorities

GST Registration and Other IEC Linkages



Linking IEC with Other Authorities:
  • GST Registration: If a business is registered under GST (Goods and Services Tax), it must link its IEC with the GST registration.
  • RBI (Reserve Bank of India): Businesses involved in international payments must link their IEC with the RBI’s Foreign Exchange Management Act (FEMA) requirements.
  • DGFT's IEC Profile Management: This platform allows businesses to manage their IEC details, update or modify information, and apply for specific export licenses.

IEC Modifications and Updates:
  • Updating Information: Changes to business details, such as name, address, or bank account information, can be updated in the IEC profile by the registered user through the DGFT website.
  • IEC Linking: An IEC can be linked to multiple business accounts, provided each is authorized by the business.
  • Transfer of IEC: In cases like mergers or acquisitions, the IEC can be transferred under certain conditions.

Cancelling or Surrendering IEC:
  • A business may choose to cancel or surrender its IEC if it ceases to import or export goods. This can be done via the DGFT website by submitting a formal request for surrender.
  • Once surrendered, the IEC will be deactivated, and the business will no longer be able to participate in international trade under that code.

IEC for Online Sellers:
  • Businesses selling products internationally via online platforms (such as Amazon, eBay, or Shopify) are required to have an IEC to facilitate smooth cross-border transactions.
  • This requirement applies to all types of e-commerce businesses engaged in selling goods overseas, including digital products, physical goods, and services.

Penalty for Non-compliance:
  • If a business conducts import/export activities without an IEC, it may face penalties or restrictions from customs authorities.
  • Fines may be levied for non-compliance with the regulatory framework, including illegal import/export activities.

Conclusion


The Import Export Code (IEC) is a foundational requirement for businesses engaged in international trade. Its benefits, such as eligibility for export incentives, streamlined customs clearance, and access to a global market, make it an essential tool for expanding business operations beyond national borders. Registering for an IEC is a straightforward process, and once obtained, it provides businesses with a reliable framework for conducting global trade activities efficiently and legally.



Accountants Factory Assistance for IEC Registration and Compliance


At Accountants Factory, we provide comprehensive assistance for obtaining and managing the Importer Exporter Code (IEC), a critical requirement for businesses engaged in international trade. Our services include guiding you through the IEC registration process, helping with document preparation, obtaining a Digital Signature Certificate (DSC), and managing payments. We also assist with linking your IEC to GST, updating business details in your IEC profile, and offering advice on export incentives and tax benefits. Additionally, if your business no longer requires the IEC, we support the cancellation or surrender process. With our expertise in trade regulations, we ensure that your business remains compliant, allowing you to focus on expanding globally with ease and confidence.



If you have any further questions or need help with IEC registration, feel free to ask!



FAQ's



  • To download your IEC certificate in PDF format, follow these steps:
  • 1. Log in to the official DGFT website using your username and password.
  • 2. Click on the Services tab, select 'IEC', and then choose 'Manage IEC'.
  • 3. After verifying your details, click on 'Print IEC'.

  • To ensure your IEC remains active, it must be renewed annually between April and June. Follow these steps to renew your IEC:
  • 1. Login to the DGFT portal.
  • 2. Select ‘IEC Portfolio Management’ from the Services tab and click on ‘Update/Modify IEC’.
  • 3. Link your IEC by entering the IEC number and verifying it with the OTP.
  • 4. Once the IEC has been linked, choose ‘Update IEC’.
  • 5. A form with the existing IEC details will appear. Select the details that require modification and update them accordingly.
  • 6. Complete the renewal process by verifying the IEC certificate through a digital signature certificate or Aadhaar.
  • 7. Submit the IEC update form, and your renewal will be complete.

If an IEC holder wishes to cancel their IEC, they can submit an online request to surrender their IEC on the DGFT website. They need to submit the required documents to complete the "Surrender IEC" process. Once the application is complete, their IEC license will be surrendered, and all future export/import transactions will be revoked.

It is mandatory for every IEC holder to link their IEC with the DGFT website every year between April and June. To do this, simply log into the DGFT website and click on ‘Link IEC’. Verify your identity by using your Aadhaar-based OTP or your registered DSC.

After obtaining the IEC code, exporters can begin growing their export business globally. They can also take advantage of the assistance offered by e-commerce export programs such as Amazon Global Selling, and utilize various tools and services to kickstart their export business.

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