A key business identification number needed for exports and imports in businesses is the importer-exporter code (IEC). No imports or exports may be made without an IEC Number that has been issued by the DGFT. When importing, and exporting services or technology, the IEC code is necessary if the supplier is using benefits provided by the Foreign Trade Policy or is working with particular services or technologies.
Any of the following business structures are eligible to apply for an IEC-Proprietorship, Partnership, LLP, Trust, HUF, and Society. Since the implementation of GST, the company's PAN and IEC numbers are the same. The DGFT would separately issue the IEC. Let's Discuss Import Export Code and its registration in detail.
The following circumstances will necessitate the use of the import-export code by importers and exporters:
The main benefit of IEC registration is that it makes it possible for regional firms and industries to develop their markets beyond their borders.
A self-addressed envelope for registered mail delivery of the Import Export Code certificate.
An organization's assigned IEC number must be valid across all of its factories, divisions, units, and branches. The IEC code only requires registering once and has lifetime validity. However, the DGFT mandates that each IEC holder electronically update their information once a year. Inaction would result in deactivation. All you need to do to revive your IEC is do the annual update. According to recently modified IEC regulations, the IEC must be renewed annually between April and June via DGFT system authentication.
If you obtained an IEC Certificate through the new e-IEC process, you can download the certificate online by logging onto the DGFT portal (you should have an IEC login id and password). If, however, you obtained your IEC through a physical process, you must reapply for an electronic copy with all the necessary documentation, and the DGFT will issue you a certificate in a new online format.
If an IEC code is not updated within the allotted time frame, it will be deactivated. However, after a successful update, an IEC that has been deactivated may be reactivated. This would not, however, affect any additional measures that might be implemented in response to violations of other aspects of the Foreign Trade Policy. The specified IEC must be reactivated following a successful upgrade to report the revised status to the Customs system.
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