The Searching Procedure of An IEC Code For A Company Name

An Import-Export Code (IEC) is an important company identification number that is required to export or import from India. Unless expressly exempted, no person shall export or import goods without first obtaining an IEC. However, IEC is not required for service exports unless the service provider is availing incentives under the Foreign Trade Policy. The IEC issued as a result of the implementation of GST is identical to the PAN of the firm. However, IEC will continue to be issued independently by DGFT on an application basis. This article delves into the process of creating an IE Code application in depth.

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Import Export Code (IEC)

The business entity has to obtain an Import and Export Code to import or export from India. The IEC number stands for Import and Export Code. The Directorate General of Foreign Trade issues a ten digit unique number known as the Import and Export Code (DGFT).

IEC registration certificate is essential for every firm dealing with import and export. As a result, before commencing the import of products into India, an importer must confirm that the importing entity has both a GST registration and an IE code, which are required for customs clearance.

If an importer does not have both an IE number and GST registration, the items may be held at the port and destroyed on account of demurrage charges.

Importance of Import – Export Code (IEC)

Businesses have tremendous opportunity to reach worldwide markets through import and export of their products and services. Import – Export Code (IEC) is essential while entering into the world market as it helps the firm to expand and grow to some level. There are many advantages of obtaining an Import Export Code. We have highlighted some of them below:

Unlocking The International Market:

Because IE code is essential for import and export companies, the items can reach the worldwide market. The IE Code facilitates the entry of an international Indian firm and provides avenues for growth and expansion.

Online Registration is Available:

The IE Code may be achieved fully online with minimal document submission.

Required Documentation are reduced:

An IEC does not need the submission of several papers.

Validity For Life:

The IE Code is a registration valid for the life of the business. Consequently, there is no problem in updating, submitting or renewing the Import Export Code Registration. IE registration is useful as long as the business continues or until it is canceled or abandoned.

Reduces the movement of illicit goods:

The most fundamental aspect of the Import-Export Code is that you provide accurate information. The IE code cannot be retrieved without providing accurate information. This norm makes the transportation of illegal items difficult.

Achieving Several Advantages:

Importers and exporters benefit greatly from the IE code. Subsidies from Customs, the Export Promotion Council, and other agencies may be available to registered business organizations. Exporters can make exports without paying taxes if they file LUTs under GST. If the exports are paid for with tax, the exporter is entitled to a return of the tax paid.

Compliances:

Unlike other tax registrations, a person importing or exporting is not required to meet any specific compliance criteria such as annual filing or return filing.

Required Documents to Registered & Get an IEC Code Online

The applicant prepares a cover letter on the letterhead of the firm.
All pages of the application must be signed by the applicant.
Part 1 and Part 4 must be completed and submitted electronically by the candidates.
It is important not to send the physical copy of Part 1 of the paper.
The applicant has to submit his application in the proper format to his local DGFT office.
Only the required fields should be filled in Part 2 of the form.
The application fee of Rs 2.5 lakh should be paid through demand draft or EFT. A backup copy of the bank statement will also have to be given.
As per Appendix 18A, a certificate has to be given by the applicant’s banker that he is the banker to the firm.
Two passport size photographs of the banker
For rapid post, a self-addressed envelope with a postal stamp of twenty five rupees can be used, or a DD or challan of hundred rupees from a bank can be used.

Requirements to Find the Import – Export Code (IEC) Online For a Company

a checking account
certificate from your bank
PAN card number of the applicant
Registration fee Rs 2.5 lakh
Registration application should be given to DGFT RL and received within fifteen days.
Although not required, having an email account allows for easier contact and a speedier procedure.

How to Find Import – Export Code (IEC) Online for a Company?

To get IEC online for your company, you need to first register with DGFC or Directorate General of Foreign Trade. Its cost is hundred rupees. If you have already done so and are waiting for further action from the government, you can review the application status in the following way. Firstly, visit the official website of DGFT, then visit IEC, where you can check the application status.

visit the official website of the Directorate of Foreign Trade, Government of India.
Tack on the “Services” option at the top of the page. Other possibilities will appear in the “IEC” option drop-down resistor.
Select “Online IEC App” from the new submenu that appears.
The temperature will be sent to a new screen where they will enter your PAN card information. When you hit the “Search” button, you’ll be taken to a full page with several boxes.
Enter your information as per the instructions. Also fill the captcha.
Enter your phone number and mailing address, & you will get a one-time password through email and phone.
You will be prompted to enter both passwords in the OTP box.
You must now enter the application entity’s information.
Add the branch information on the upper side of the same page within 15 minutes of finishing the previous step. If you see any required fields are missing, simply click “ADD.” Keep it blank if your computer has no branches or branch offices.
The proprietor, trustee, or partner’s information, as well as their PAN, birth certificate, proof of residency, mobile phone number, and email address, must be entered.

Scan and upload JPEG or PDF versions of critical documents.
Pay your Rs 500/- fees using a credit card or through internet banking. Don’t forget to “verify pay” after a successful payment to complete the payment procedure.
You can print the application once your payment has been verified. Check that you followed all of the previous stages correctly. In this phase, you can repair any errors you uncover. You can print the application once you are absolutely certain.
All of the previously given data and the number will be presented in this last stage. The DGFT will be auto-selected as well. Click it to continue. You may now view and download your e-ICE.

Validity of Import – Export Code (IEC)

As stated earlier, IE code registration is continuous and good for life. As a result, updating, submitting and renewing IEC registration will become simpler. This is valid if the business continues to operate or the registration has not been canceled or abandoned. Also, unlike tax registration such as GST or PF registration, the importer or exporter is not required to submit any filings or adhere to any other compliance obligations such as annual filings.

Because IE code registration is one-time and does not require any additional compliance, all exporters and importers must obtain an IE code upon incorporation.

IEC Certificate

IEC certificates will be emailed to the user (used when applying for IEC). If required, the user can obtain the IEC certificate by logging in to DGFT and selecting the option “Print Certificate” under “Manage IEC”.

IEC must be reported to CBIC, and transmission status can be viewed by visiting “My IEC” and comparing the IEC status bar to “CBIC Transmission Status”.

Import-Export Code is an essential document for starting Import-Export situations.IEC code must be obtained before using or importing any goods or services. Import – Export Code (IEC) provides various benefits for the success of the company. You cannot ignore the requirements of IE code registration

Conclusion

If you’re a company owner who wishes to achieve your Import Export Code (IEC) but doesn’t know where to start, don’t worry. We can guide you at Legaltax. India’s leading online legal community. We have a team of Highly experienced Chartered Accountants and Legal professionals who will be with you through the entire procedure of achieving your IEC code online.