Import Export Code Registration/Modification
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ABOUT IMPORT EXPORT CODE
Shlok Tax Wala Import Export Code, which is commonly abbreviated as IEC, is the first registration required for the business entities who are dealing in Importing or exporting of goods and services from India. IEC is issued by the Directorate General of Foreign Trade (DGFT). It is a passport for import and export business.
KEY POINTS OF IMPORT EXPORT CODE REGISTRATION
#1. When IEC is Required ?:-Import Export Code required in the business of export or import of goods and services in India.
#2. Issuance Authority:- IE Code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
# Annual Renewal Required:- IE Code is no more one-time process. Import Export Code requires annual renewal.
#3. No Returns filling:- IE Code neither requires any kind of returns filling nor any further procedural compliances.
#4. Custom & Banks Requirement:- IE Code requires to quote with customs authorities/banks for importing & exporting goods and making or receiving payment to/from international vendors.
#5. AD Code:- Authorized dealer code required for customs clearance while exporting goods outside India. It can be obtained from the bank.
IEC CODE LICENSE MANDATORY FOR EXPORT SERVICE PROVIDER?
The Import Export Code (IEC) license is a key business identification number which is mandatory for Exports or Imports from India. No business can make any import or export without an IEC Code Number granted by the DGFT.
In case you are doing import or export of services or technology transfer, the IEC Code shall be required only when the service provider or technology provider is seeking benefits under the Foreign Trade Policy or is dealing with specified services or technologies under Section 7 of Foreign Trade (Development & Regulation) Amendment Act, 2010.
An exporter before the shipment of goods and services. The exporter must apply for LUT before the start of the financial year for which they wish to export. The benefits of export under LUT are extending to all registered persons who intend to supply goods/services.
IMPORT EXPORT CODE EXEMPTION
The following stakeholders are eligible for Import Export Code Exemption:
#1. Central or state Government ministries or departments.
#2.Individuals importing or exporting items for personal use that are unrelated to trade, manufacturing, or agriculture.
#3. Individuals importing or exporting products from or to Nepal, Myanmar via Indo-Myanmar border areas, or China, providing the CIF value of a single consignment does not exceed Rs.25000. The relevant exemption ceiling for Nathula port is Rs.1 lakh.
REQUIREMENT OF DIGITAL SIGNATURE FOR IMPORT EXPORT CODE
Importers and Exporters can apply for Import Export Code Online. Thus, the need for Digital Signature of business owner / director for Import Export Code arises.
Digital Signatures [DSC] are the most preferred way to apply for the online IEC code application.
The DGFT also has a one-of-a-kind Digital Signature Certificate that it issues to organisations who already have an IEC code for export and import. Using this one-of-a-kind DSC, applicants can save up to 50% on License Fees.
E-Startup India can help arranging digital signature [DSC] for the applicant
IEC REGISTRATION PROCESS
#1. Upload the required documents & information to our web portal.
DOCUMENTS REQUIRED FOR IMPORT EXPORT CODE
#1. Passport Size Photograph.
#2. PAN Card.
#3. Bank Account Details.
#4. Pre Printed Cancel Cheque.
#5. Certificate from Bank.
#6. Address Proof.
WHAT IS THE EXPORT PROMOTION CAPITAL GOODS (EPCG) SCHEME?
The Export Promotion Capital Goods (EPCG) Scheme, as the name implies, is a Government scheme to boost exports.
The EPCG Scheme allows import of capital goods including spares for pre production, production and post production at zero custom duty subject to an export obligation of 6 times of duty saved on capital goods imported under EPCG scheme, to be fulfilled in 6 years reckoned from Authorization issue date.
The manufacturers, Exporters and Merchant Exporters are eligible to avail this Scheme.The Scheme also applies to a service provider who has been recognised / accredited as a Common Service Provider (CSP).
You can avail EPCG Scheme having Import Export Code by submitting an application provided in Appendix 10 A of the Handbook, along with the papers required therein, to the Director General of Foreign Trade (DGFT) or to the regional Licensing authorities, along with the relevant information/documents.
The terms and obligations under EPCG Scheme are as follows-
#1. The obligation to export must be met by the export of products created or manufactured by the utilization of the capital goods that are imported in the scheme.
#2. Exports should be direct exports under the names of the person who is importing. The importer can export via a third party as long as they are registered as the person who is the importer or licence holder is included on the Shipping Bill. If a trader exporter is the importer, the brand name should be included on the Shipping Bill.
#3. The proceeds from exports shall be repaid in freely convertible currency.
#4. Exports are physical exports. Deemed exports will also be considered in the fulfillment of the export obligation, however, the licensee is not legally entitled to any benefit of deemed exports.
#5. The obligation to export is as a supplement to other obligations for export that is undertaken by the importer, and is over and beyond the average value of exports of the identical product by him over the previous three licensing years. If an exporter can achieve an export amount of 75 percent of the total value of production of the particular products exported, then the obligation to export in this scheme is subsumed as part of that export, subject to however that the value of aggravated those exports in the defined time period cannot be less than the total worth of the contract.
#6. In the event that the exporter manufacturer has obtained licenses to manufacture the same export item under this scheme as well as the Duty Exemption Scheme, the physical exports made in accordance with the Duty exemption Scheme shall also count towards the fulfillment of the export obligation under this scheme.
#7. In the case that computer software is exported The obligation to export computer software will be determined according to the policy, but the requirements that exports should be more than and beyond the average of exports over the previous three licensing years will not apply.
Verify Icegate Registration
The ICEGATE Registration Verification Utility allows you to learn about your ICEGATE ID, Role, Registration Date, and Registered Filling Service.
All this information is essential for you to keep your import export business running.
To verify your ICE Gate Registration, you can utilize the official link:
https://old.icegate.gov.in/EnqMod/userTrack
After completing the integration process, you can match IEC with GSTIN at:
https://old.icegate.gov.in/UserReg/autoIECRegAction/matchIECGSTIN
Matching GSTIN and IEC
Every business owner who plans to export from India must get the Import Export Code (IEC) and Goods and Services Tax (GST), two essential documents or licenses.
For all small, medium, and big business owners to be eligible for schemes and benefits, they must also connect their GST with IEC on the ICEGATE website.
Furthermore, Matching these two numbers assists customs officers in ensuring that the information given by the merchant is consistent across multiple government databases and avoids any anomalies that might lead to customs clearance or taxation difficulties.
Therefore, you must also integrate your GSTIN with IEC using
Restricted or Prohibited import Goods
Restricted Import Goods:
These are goods that can be imported into India, but only with the permission of the government.
You can get the complete list of Restricted Import Goods at:
https://content.dgft.gov.in/Website/Restricted.pdf
Prohibited Import Goods:
These are goods that are not allowed to be imported into India under any circumstances.
You can get the complete list of Prohibited Import Goods at:
https://www.abf.gov.au/importing-exporting-and-manufacturing/prohibited-goods/list-of-items
CERTIFICATE OF ORIGIN FOR IEC CODE LICENSE HOLDER
A Certificate of Origin (CO) is an important international business document. The Certificate of Origin verifies that the products in an export cargo were entirely obtained, produced, manufactured, or processed in a certain country.
In other words, the Certification of Origin declares the product’s “nationality” and also acts as a statement by the exporter to meet customs or trade regulations.
Customs, banks, private parties, and importers all require CoOs for a numerous of reasons. Also, Almost every country in the globe requires CoO for customs clearance operations, thus IEC Code License holders also need to apply for Certificate of Origin if he/she planning to export outside India.
A Certificate of Origin is issued by both the Indian Chamber of Commerce as well as Trade Promotion Council of India. Moreover, Import Export Code License Holders can two types of Certificate of Origin.
#1. Non-preferential Certificate of Origin specifies that the products being exported/imported do not get preferential tariff treatment and that the applicable charges must be imposed on the items being transported.
#2. Preferential Certificates of Origin are issued to products that are subject to preferential tariff treatment in the payments of tariffs. Preferential COs help in verifying commodities that are subject to lower taxes or allowances when exported to countries that provide these benefits. These COs are frequently linked to Regional Trade Agreements.
Frequently Asked Questions
Yes, you can apply for IEC without having GST Registration. However, you will need to submit your PAN Card details for IEC Code Registration application.
The Importer-Exporter Code (IEC) is an essential business identification number that is compulsory for both Exporters and Importers. It is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce. No individual can engage in export or import activities without acquiring an IEC, except in cases of specific exemption.
Yes, you can use IEC Code Registration for both goods and services. However, it is important to note that one import export code is issued against a single PAN. Furthermore, it is mandatory to have IEC Registration in case services exporters want to claim benefits under foreign trade policy.
ICEGATE is an online portal of Central Board of Excise and Customs [CBEC] which facilitates import export-related services to the trade and cargo carriers and other users of Customs Department.
ICE GATE Verification ensures that a business entity’s IEC Code registration is duly updated in government custom records.
With ICE GATE verification, Exporter/ Importer never face any kind of hitch doing import and export of goods and services due to non-availability of data in government custom authority records.
IEC holder has to ensure that details in its IEC is updated electronically every year, during April-June period.
Yes, you can fill AD Category Bank details in IEC. There is space to fill only one Bank account details in IEC application and the same will be shown in your IEC Registration Certificate. It is always advisable to put that banker details with whom you deal regularly and have good relations.
AD (Authorised Dealer) Category Bank means the bank who deal with the conversion of currency notes, coins or travelers’ cheques designated in foreign currency into Indian Rupees and vice versa. Their objective is to provide easier foreign exchange facilities for travelers and tourists, including NRIs
About IEC modification
#1. Requirements
The Pre-requisites needed for IEC modification include PAN of an individual/ business for which IEC was issued Valid e-mail id. & mobile no.
#2. Statutory modification
Under the normal circumstances, an individual is required to get IEC modification online once a year as per the import-export laws.
#3. Voluntary modification
In case of any error in IEC is detected or a change is required in the Import-Export code, IEC modification is to be done immediately.
#4. Change in Business Address
In case, the address of a business firm is changed, it should be immediately updated through the IEC modification online process.
#5. Change in the Company Name
If there is a change in the name of the business firm or the company name, the same should be updated with IEC modification.
#6. Addition/Deletion of a Partner/Director
If there is an addition/Deletion of a PAN in a business firm or addition/Deletion of a Partner/Director in a company, it should be updated.
What is meant by IEC Modification?
Any change or alteration made in the business details which is carrying on Import Export Code Certificate needs to be modified immediately while filing an IEC modification application online before DGFT at Shlok Tax Wala.
What if Modification not timely filed?
In case of non-intimation of changes in business details with DGFT may cause cancelation of import-export code and in some cases may result in pecuniary action as well.
How to get IEC Modification done?
#1. Provide the required business details and information to our web portal.
#2. Consult our business advisor on how to modify IEC details.
#3. Choose a package and pay online with different payment modes available.
#4. Our professional will prepare a modification application and submit on DGFT portal.
#5. On submitting an application, the IEC modification acknowledgment shall be provided.
#6. Upon successful verification, Fresh IEC certificate shall be provided.
Documents Required For IEC Modification
#1. IEC Certificate
#2. Documentary Proof of Changes
#3. Description of modification
Frequently Asked Questions
The required documents needed for IEC modification include-
PAN of an individual/ business for which IEC was issued,
Valid e-mail id. & mobile number of the individual.
No, You don’t need to be physically present for the process, E-StartupIndia is an online catering platform all you need is an internet connection in your phone/computer and the required documents with you and we can get the job done no matters even if you are present at the remotest location of India.